India GDP: India’s GDP may grow 7.0% this fiscal, first advanced estimates show

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India GDP: India’s GDP may grow 7.0% this fiscal, first advanced estimates show

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India’s economy is expected to grow 7.0% in the current financial year, according to the first advance estimates by the National Statistical Office (NSO) released on Friday. New Delhi had pegged India’s growth at 8.7% in the last fiscal year that ended March 31, 2022.

Earlier last month, the Reserve Bank of India had lowered the country’s GDP (gross domestic product) growth forecast to 6.8 per cent for the current fiscal from 7 per cent earlier, on account of continued geopolitical tensions and tightening of global financial conditions.

The RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter at 4.4 per cent and the fourth at 4.2 per cent.

It had pared the growth projection for 2022-23 for the third time in December 2022.

In April 2022, the central bank had cut the GDP growth estimate from 7.8 per cent to 7.2 per cent, and further lowered it to 7 per cent in September, last year.

The GDP growth in the second quarter of the fiscal slowed to 6.3 per cent from 13.5 per cent in the preceding three months.

Private final consumption expenditure, a measure of demand, is projected to rise 7.7% in FY23 from a year ago.
Gross fixed capital formation, a measure of investment, is estimated to rise around 11.5% in FY23.

The share of private consumption in GDP is expected to rise to 57.2% in FY23 from 56.9% in FY22 and 57.3% in FY21.

Per capita gross national income in real terms is estimated to be ₹1,11,807 crore in FY23, higher than ₹1,05,955 crore in FY22 and ₹98,629 crore in FY21.

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