NSO ADVANCE ESTIMATE:-
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). 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.
DIFFERENT SECTOR GROWTH:- A QUICK PEEK
- Agriculture is expected to grow 3.5% in FY23 after growing 3% in FY22.
- Mining & quarrying is likely to see a reduction in growth at 2.4% in FY23 after growing at around 11.5% in FY22.
- Manufacturing growth is pegged to drop from 9.9% in FY22 to 1.6% in FY23 while construction growth may moderate to 9% in FY23 from 11.5% in FY22.
- Trade, hotels, transport, communications & services related to broadcasting are pegged to grow at 13.7% after growing at just over 11% in FY22. Financial, real estate & professional services are seen growing at 6.4% in FY23, up from 4.2% in FY22.