India’s GDP growth estimates to slip 7 per cent in 2022-23: Govt data

The official estimate of the Statistics Ministry, has claimed that India’s Gross Domestic Product is projected to slip to 7 per cent in the current fiscal ending March 2023, owing to weak demand.

Notably, India has recorded 8.7 percent of GDP growth in 2021-22. Meanwhile, the Government of India had earlier predicted 8-8.5 per cent growth, and the Reserve Bank of India has projected 6.8 per cent.

Due to prevailing geopolitical tensions and tightening of global financial conditions, the RBI in December, had lowered the country’s GDP growth forecast to 6.8 per cent for the current fiscal from 7 per cent.

The National Statistics Office predicted the output of the manufacturing sector to decelerate to 1.6 percent as against a growth of 9.9 per cent in FY22.

While, mining sector growth is estimated at 2.4 per cent in the current fiscal as against 11.5 per cent in 2021-22.

NSO has claimed that real GDP or GDP at constant (2011-22) Prices in the year 2022-23 is estimated at Rs. 157.60 Lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs. 147.36 Lakh crore, released on 31st May, 2022.

It further stated growth in real GDP during 2022-23 is estimated at 7 per cent as compared to 8.7 percent in 2021-22.