FY23 GDP Estimate: The Country’s GDP Is Expected To Grow By 7% In The Current Financial Year, NSO Released Advance Estimates, These Figures Will Be Used In The Budget

Indian Economy News

Indian Economy News – FY23 real GDP growth estimated at 7% by NSO: The latest estimates of GDP growth rate for the current financial year have been released by the National Statistical Office (NSO), Government of India. According to the first advance estimate of NSO, India’s real GDP growth rate during the financial year 2022-23 is expected to be 7 percent, while the nominal GDP is expected to grow at a speed of 15.4 percent during the same period. Huh. The figures of nominal GDP growth are higher because in this the calculation of GDP is done on the basis of increased prices. That is, when inflation increases, nominal GDP also increases. But in reality, the correct picture of the economy is known only from the figures of real GDP.

These Estimates Will Be Used In The Budget 2023

The importance of the first advance GDP growth estimate of NSO released on Friday is that after about three weeks from now i.e. on February 1, the country’s budget for the next financial year i.e. 2023-24 is to be presented in the Parliament. The same figures of advance estimate are also used in preparing the new budget. In the latest data, the estimate of GDP growth rate presented by NSO is slightly better than the estimates released by the Reserve Bank of India (RBI) in the last month i.e. December 2022.

Last month, the RBI had projected the country’s GDP growth rate to be 6.8 percent in 2022-23. At that time, RBI had also told that the difficult international economic situation and geo-political issues remain a challenge for India’s growth rate. RBI had also projected India’s GDP growth rate to be 4.4 per cent in the third quarter of 2022-23 and 4.2 per cent in the fourth quarter. In fact, during the entire financial year, the Reserve Bank has cut the country’s GDP growth estimates for the third time. In April 2022, the RBI first reduced the country’s GDP growth forecast from 7.8 per cent to 7.2 per cent and then further reduced it to 7 per cent in September. That is, the estimate of 6.8 percent growth rate for December 2022 was a full percentage point less than the initial estimate of the year.

Continuous Decline In GDP Growth Estimates

In fact, there has been a continuous decline in the country’s GDP growth rate estimates during the current financial year. In the first quarter, it was at a high level of 13.5 per cent, in which the base effect contributed a lot. After this, it fell to 6.3 per cent in the second quarter, 4.4 per cent in the third quarter and just 4.2 per cent in the fourth quarter estimates. Like the RBI, the International Monetary Fund (IMF) has also reduced India’s growth forecast for the financial year 2022-23 to 6.8 per cent, while in July it had expressed the expectation of the Indian economy growing at a pace of 7.4 per cent. However, last month the World Bank has increased India’s GDP growth rate estimate from 6.5 percent to 6.9 percent. The Asian Development Bank (ADB) has maintained India’s growth rate forecast at 7 percent only. By the way, there is not much difference between all these estimates. And the biggest thing is that India’s growth rate is much better than other big economies of the world.

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