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

PTI | , Posted by Singh Rahul Sunil Kumar

The National Statistical Office (NSO) on Friday said the Indian economy is projected 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.

Releasing the first advance estimates of national income for 2022-23, the NSO said, “Real GDP or GDP at constant (2011-12) prices in the year 2022-23 is estimated. 157.60 lakh crore against the provisional estimate of GDP for the year 2021-22 147.36 lakh crore, released on May 31, 2022.”

Real GDP growth during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22.

Manufacturing sector output is estimated to decline by 1.6 per cent as against a growth of 9.9 per cent in FY22.

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