India’s GDP or gross domestic product may grow 7 per cent in financial year 2022-23, according to the second advance estimates released by the Ministry of Statistics and Programme Implementation (MoSPI) on Tuesday.
According to the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. In financial year 2021-2022, India’s economy grew at 8.7 per cent. The ministry of statistics and programme implementation has maintained that economic growth of the country slowed to 4.4 per cent in the October-December quarter 2022.
The ministry also released the revised estimate of economic growth for FY 2021-22 at 9.1 per cent.
In terms of sectors, the manufacturing sector contracted by 1.1 per cent on-year in the quarter.
According to the statement from MoSPI, “Real GDP or gross domestic product (GDP) at constant (2011-12) prices in the year 2022-23 is estimated to attain a level of Rs 159.71 lakh crore, as against the First Revised Estimate of GDP for the year 2021-22 of Rs 149.26 lakh crore.”
“GDP at constant (2011-12) prices in Q3 2022-23 (October-December) is estimated at Rs 40.19 lakh crore, as against Rs 38.51 lakh crore in Q3 2021-22, showing a growth of 4.4 percent. GDP at Current Prices in Q3 2022-23 is estimated at Rs 69.38 lakh crore, as against Rs 62.39 lakh crore in Q3 2021-22, showing a growth of 11.2 per cent,” according to MoSPI.