National Statistical Office (NSO) predicted the output of the manufacturing sector to decelerate to 1.6 per cent as against a growth of 9.9 per cent in FY22. Similarly, mining sector growth is estimated at 2.4 per cent in the current fiscal as against 11.5 per cent in 2021-22.
The NSO said, “Real GDP or GDP 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.”
The growth in real GDP during 2022-23 is estimated at 7 per cent as compared to 8.7 per cent in 2021-22, it stated.
India’s gross domestic product (GDP) growth is projected to slip to 7 per cent in the current fiscal ending March 2023 owing to weak demand, according to the first official estimate released by the Statistics Ministry .
India had recorded a 8.7 per cent GDP growth in 2021-22. If the forecast by the National Statistical Office (NSO) holds true, India’s GDP growth will be lower than Saudi Arabia’s expected 7.6 per cent expansion.
Although the projections are much lower than government’s earlier forecast of 8-8.5 per cent growth, they are above the Reserve Bank’s projection of 6.8 per cent.
