Perspective: India’s GDP Growth in FY23 |

In this episode of the Perspective Prog. Based on ‘India’s GDP Growth in FY23’. The Indian economy is estimated to grow at 7% in the 2022-23 fiscal, down from 8.7 per cent a year ago. As per the first advance estimates of national income released by the National Statistical Office, this slip is mainly due poor performance of mining and manufacturing sectors. The manufacturing sector output is estimated to decelerate to 1.6% in the current fiscal from 9.9 per cent in 2021-22. Similarly, mining sector growth is estimated at 2.4% in the current fiscal as against 11.5% in 2021-22. Although the current projections are lower than the government’s earlier forecast of 8-8.5% growth, they are above the RBI’s projection of 6.8%. Remember, the Reserve Bank had lowered the country’s GDP growth forecast from 7% to to 6.8% for the current fiscal owing to the continued geopolitical tensions and tightening of global financial conditions.