GDP projected to grow 7% in 2022-23, first advance estimates by Centre predicts

Indian economy estimated to grow at 7 pc in 2022-23: Govt data

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.

GDP projected to grow 7% in 2022-23, first advance estimates by Centre predicts (AFP)

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.