New Delhi/Chennai, May 31 India's gross domestic product (GDP) growth for FY23 is estimated at 7.2 per cent, said the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation on Wednesday.
According to NSO, the growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.
The GDP growth during the fourth quarter of 2022-23 was at 6.1 per cent, NSO said.
The NSO said the GDP in the year 2022-23 is estimated to attain a level of Rs 160.06 lakh crore, as against the First Revised Estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.2 per cent as compared to 9.1 per cent in 2021-22.
Similarly, the GDP in Q4 2022-23 is estimated at Rs 43.62 lakh crore, as against Rs 41.12 lakh crore in Q4 2021-22, showing a growth of 6.1 percent, the NSO said.
It may be recalled the Reserve Bank of India (RBI) Governor Shaktikanta Das at the recent annual conference of the Confederation of Indian Industry (CII) said there are chances of India's gross domestic product (GDP) for FY23 crossing the estimated 7 per cent growth going by the trends.
Das was confident that India's GDP growth rate for FY24 will remain at 6.5 per cent.
On the other hand, Madhavi Arora, Lead Economist, Emkay Global Financial Services recently said: "Growth in Q4 is expected to be driven by momentum in trade, hotel and transportation while government spending may have also picked up. There are nascent signs of consumption recovery, however it is still led by urban more than rural. Besides, net export was less of a drag to growth amid lower trade deficit and higher services net exports. We see Q4 GDP at 5.1 per and and see FY23 at 7 per cent. However, we expect growth to slow to 5.7 per cent in FY24."
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