GDP: indian economy..!? Exciting forecast..!

India's economy will grow by 7.0 percent in the current fiscal year, i.e. april 1 to march 31, the National Statistics office (NSO) said in its first advance forecast released on Friday. India's growth in the last financial year ended march 31, 2022, was 8.7 percent. Earlier, the reserve bank of india had downgraded the country's GDP growth to 6.8 percent for the current fiscal due to ongoing international issues and worsening global financial conditions. In its bi-monthly monetary policy meeting, the reserve bank of india projected real GDP growth at 6.8 percent for 2022-23. . In this, it is predicted to be 4.4 percent in the third quarter and 4.2 percent in the fourth quarter. In this situation, the National Statistics office (NSO), which is controlled by the central government, released the first advance forecast on friday that the indian economy will grow by 7.0 percent in the financial year 2022-23, giving new hope to the investors.Private final consumption expenditure, a key predictor of India's demand, is projected to grow by 7.7 percent in FY 2022-23. Similarly, Gross fixed capital formation for investment, which is an important predictor of the measure of investment, is estimated to increase by about 11.5% in the financial year 2022-23. Also, the gross national income per capita is estimated to be Rs 1,11,807 crore in the financial year 2022-23. It is projected to be Rs 1,05,955 crore in FY 2021-22 and Rs 98,629 crore in FY 2020-21. After growing by 3% in FY 2022, the country's agriculture sector output is expected to grow by 3.5% in FY 2023. Similarly, mining and quarrying. The segment is expected to grow at around 11.5% in FY2022 and only 2.4% in FY2023.The manufacturing sector growth is projected to reach 9.9% in FY2022 and decelerates to 1.6% in FY2023. At the same time, construction growth is likely to decelerate from 11.5% in FY22 to 9% in FY23. Trade, hotels, transport, communication, and broadcasting services are projected to grow at 13.7% in FY23 after growing at 11% in FY22. Furthermore, financial, real estate, and professional services will witness a growth of 6.4% in FY2023 as against 4.2% in FY2022.
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Sowmiya Sriram

07/01/2023 07:02 PM