NSO

“Real gross domestic product (GDP) or GDP at constant (2011-12) prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the provisional estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on 31 May 2022,” NSO said

Amid the global slowdown and fear of a possible recession, the Indian economy is likely to grow at 7 per cent in 2022-23 as compared to 8.7 per cent in 2021-22, as per the advanced estimates of national income for 2022-23 revealed by the National Statistical Office (NSO) on Friday. 

“Real gross domestic product (GDP) or GDP at constant (2011-12) prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the provisional estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on 31 May 2022,” NSO said.

NSO added that nominal GDP or GDP at current prices in the year 2022-23 is estimated at Rs 273.08 lakh crore, as against the provisional estimate of GDP for the year 2021-22 of Rs 236.65 lakh crore, released on 31 May 2022. 

According to the estimates, the fall will majorly be because of the poor performance of the manufacturing sector. Also, the manufacturing sector’s output is likely to decline to 1.6 per cent as against a growth of 9.9 per cent in the financial year (FY) 2022.

Meanwhile, in FY23, transport, trade, communication and services and hotels related to the industries are expected to grow faster with an estimated 13.7 per cent growth rate as compared to FY22.

NSO however, said that these are early projections for 2022-23. Improved data coverage, actual tax collections and expenditure incurred on subsidies, data revisions made by source agencies etc. would have a bearing on subsequent revisions of these estimates.