Indian GDP pegged to grow at 7% in FY23: NSO’s advance estimates

Indian economy is expected to grow at 7 per cent in 2022-23 as compared to 8.7 per cent in 2021-22, advanced estimates of National Income for 2022-23 revealed by the National Statistical Office (NSO) showed on Friday. The fall will mainly be due to poor performance of the manufacturing sector.

“Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 trillion, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 trillion, released on May 31, 2022,” NSO said.

The output of the manufacturing sector is estimated to decelerate to 1.6 per cent as against a growth of 9.9 per cent in FY22.

The growth in nominal GDP during 2022-23 is estimated at 15.4 per cent as compared to 19.5 per cent in 2021-22″,” it added.

In FY23, The “Trade, Hotels, Transport, Communication & Services related to Broadcasting” industry is expected to be the fastest growing sector with an estimated 13.7 per cent as compared to FY22.