India's GDP growth estimated to slip to 7% in 2022-23: Govt data
The Indian economy is estimated to grow at 7% in the 2022-23 fiscal, down from 8.7% a year ago, mainly due to poor performance of mining and manufacturing sectors.
As per the first advance estimates of national income released by the National Statistical Office (NSO) on Friday (January 6), the manufacturing sector output is estimated to decelerate to 1.6% in the current fiscal from 9.9% in 2021-22.
Similarly, mining sector growth is estimated at 2.4% in the current fiscal as against 11.5% in 2021-22.
“Real GDP or GDP (Gross Domestic Product) at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on 31st May, 2022,” an NSO statement said.
It stated that growth in real GDP during 2022-23 is estimated at 7.0% as compared to 8.7% in 2021-22.
The NSO estimates are a tad higher than the 6.8% GDP growth projection of the Reserve Bank of India (RBI).
It also said the nominal GDP or GDP at Current Prices in the year 2022-23 is estimated at ₹273.08 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of ₹236.65 lakh crore.
The growth in nominal GDP during 2022-23 is estimated at 15.4% as compared to 19.5% in 2021-22.
The agriculture sector is projected to see a growth of 3.5% in FY2022-23, higher than the 3% expansion recorded in the previous financial year.
Trade, hotel, transport, communication and services related to broadcasting segment are estimated to grow at 13.7% from 11.1% in 2021-22.
Financial, real estate and professional services segment is projected to grow at 6.4% in the current fiscal, up from 4.2% in 202-22.
However, construction sector growth is expected to decelerate to 9.1% from 11.5% a year ago.
Similarly, public administration, defence and other services growth is estimated to drop to 7.9% this fiscal from 12.6% in FY22.
The growth in gross value added (GVA) at basic prices is pegged at 6.7% this fiscal, down from 8.1% in 2021-22.