India’s gross domestic product (GDP) is estimated to grow by 7 per cent in 2022-23, data from the the National Statistical Office (NSO) on Friday said. The GDP had grown by 8.7 per cent in fiscal year 2021-22.
According to the release by the Ministry of Statistics & Programme Implementation, the country’s nominal GDP growth for FY23 is estimated at 15.4 per cent versus 19.5 per cent in FY22.
The gross value added growth for FY23 is estimated at 6.7 per cent versus 8.1 per cent in FY22, it added. The government’s first advance estimate for this year’s growth comes ahead of the February 1 presentation of the Union Budget for 2023-24 in Parliament.
The Budget will use the estimate for this year’s GDP to compute its tax revenue and other estimates for 2023-24.
As per the first advance estimates of national income released by the NSO, the manufacturing sector output is estimated to decelerate to 1.6 per cent in the current fiscal from 9.9 per cent in 2021-22. Similarly, mining sector growth is estimated at 2.4 per cent in the current fiscal as against 11.5 per cent in 2021-22.
“Real GDP or GDP (Gross Domestic Product) at Constant (2011-12) 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,” an NSO statement said. It stated that growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22.
The NSO estimates are a tad higher than the 6.8 per cent GDP growth projection of the Reserve Bank of India (RBI).
It also said the nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the Provisional
Estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore.
The growth in nominal GDP during 2022-23 is estimated at 15.4 per cent as compared to 19.5 per cent in 2021-22.
The agriculture sector is projected to see a growth of 3.5 per cent in FY2022-23, higher than the 3 per cent expansion recorded in the previous financial year. Trade, hotel, transport, communication and services related to broadcasting segment is estimated to grow at 13.7 per cent from 11.1 per cent in 2021-22.
Financial, real estate and professional services segment is projected to grow at 6.4 per cent in the current fiscal, up from 4.2 per cent in 202-22. However, construction sector growth is expected to decelerate to 9.1 per cent from 11.5 per cent a year ago.
Similarly, public adminstration, defence and other services growth is estimated to drop to 7.9 per cent this fiscal from 12.6 per cent in FY22.
The growth in gross value added (GVA) at basic prices is pegged at 6.7 per cent this fiscal, down from 8.1 per cent in 2021-22.