The most recent projection from NSO is marginally higher than the 6.8% growth forecast made by the Monetary Policy Committee (MPC) of the Reserve Bank of India in December 2022. India’s GDP was predicted to rise by 6.8% between 2022 and 2023 in the IMF’s October 2022 World Economic Outlook.
The NSO anticipates that the GDP growth at current prices, which forms the foundation for budgetary projections, will be 15.4%. This means that the government is on track to raise more money than what was projected in the budget, which is much greater than the 11% nominal growth assumption in the 2022u201323 Budget.
Source: Times Now For sure, The most recent GDP predictions definitely support concerns that the Indian economy is already losing impetus for development. The 7% GDP forecast for 2022u20132023 anticipates a growth rate of just 4.5% for the second half of the fiscal year (Octoberu2013March), as opposed to the first half’s 9.7%. In the December 2022 and March 2023 quarters, respectively, the MPC resolution from December predicted growth of 4.4% and 4.2%.The most recent Gross Value Added (GVA) figures, which reflect production after taxes, demonstrate that services have been a significant driver of development while manufacturing has remained weak. The three service subsectors of trade, hotels, transportation, communication, and services connected to broadcasting; financial, real estate, and professional services; and public administration are predicted to increase in 2022u20132023 by a combined 1.6%.Share your views in the comment section.
