The Indian economy is estimated to grow at 7 per cent in 2022-23, as against 8.7 per cent in the previous fiscal, mainly due to poor performance of the manufacturing sector, the National Statistical Office (NSO) said on Friday.
Releasing the first advance estimates of National Income for 2022-23, the NSO stated, "Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at ₹157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of ₹147.36 lakh crore, released on 31st May, 2022."
The growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22, it stated.
The output of the manufacturing sector is estimated to decelerate to 1.6 per cent as against a growth of 9.9 per cent in FY22.