GDP is estimated to grow at the rate of 7% in the financial year 2022-23, advance estimate of the government before the budget
The government has estimated the country's GDP to grow at the rate of 7% in the financial year 2022-23. Earlier, RBI had estimated GDP growth at the rate of 6.8%.
GDP (Gross Domestic Product) is estimated to be 7% in the financial year 2022-23. The growth rate estimate released by the government today is higher than the estimate of the central bank RBI. The special thing is that the government has released the first advance estimate in the new year. At the same time, this estimate has been made before the release of the general budget in the Lok Sabha on February 1, 2023, which is very important because, on the basis of this, the tax revenue and other estimates will be calculated.
However, after this estimate by the government, the possibility of a lower GDP growth rate has increased because the GDP growth rate in the financial year ending 31 March 2022 was 8.7%. In this context, the GDP growth rate is expected to slow down in the last financial year.
The Ministry of Statistics said in a statement that FY 22-23 nominal GDP growth is estimated to be 15.4%, which was 19.5% in the previous financial year. At the same time, the gross value-added growth has been estimated at 6.7%, which was 8.1% in the last financial year.
International Monetary Fund (IMF) Deputy Managing Director Antoinette Sayh today said India's economy is relatively a "bright spot" globally but there is a need to leverage its existing strength in service exports and expand it to employment-rich and manufacturing exports. Is required. At the same time, last month, the Reserve Bank of India (RBI) reduced the country's GDP growth forecast from 7% to 6.8% in the current financial year 2022-23 due to the ongoing geopolitical tensions and global financial conditions.