India’s FY2022-23 GDP estimated to grow 7%
The growth in nominal GDP during 2022-23 is estimated at 15.4% vs 19.5% in 2021-22
The growth in real GDP during FY2022-23 is estimated at 7% vs 8.7% in 2021-22, according to the First Advance Estimates (FAE) by the National Statistical Office (NSO), Ministry of Statistics.
Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at ₹157.60 lakh crore, vs the Provisional Estimate of GDP for the year 2021-22 of ₹147.36 lakh crore.
Nominal GDP or GDP at Current Prices for FY 2022-23 is estimated at ₹273.08 lakh crore vs the Provisional Estimate of GDP for FY2021-22 of ₹236.65 lakh crore. The growth in nominal GDP during 2022-23 is estimated at 15.4% vs 19.5% in 2021-22.
The slowdown in growth is expected widely due to the potential recession in several countries. However, the low base of Covid years is likely to support the Indian economy.
“These are early projections for 2022-23. Improved data coverage, actual tax collections and expenditure incurred on subsidies, data revisions made by source agencies etc. would have a bearing on subsequent revisions of these estimates,” said the government.
The First Revised Estimates for 2021-22 (benchmark year), due for release on 28 Feb 2023, is also likely to lead to revision in growth rates reflected in FAE.
The estimates are important in taking measures in the budget.
The Second Advance Estimates of National Income for the year 2022-23 and quarterly GDP estimates for the quarter October-December, 2022 (Q3 2022-23), along with First Revised, Second Revised and Third Revised Estimates of National Accounts for the years 2021-22, 2020-21 and 2019-20, respectively, will be released on 28 Feb 2023.
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