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Indian economy likely to grow at 7% in FY23 according NSO

Published on January 09, 2023
Current Context: The First Advance Estimates (FAE) of National Income for the fiscal year 2022-2023 (FY23) at both constant (2011–12) and current prices have been made public by the National Statistical Office (NSO), Ministry of Statistics and Program Implementation (MoSPI).
Indian economy likely to grow at 7% in FY23 according NSO
  • The Indian economy would grow at a rate of 7% in FY23, up from 8.7% in FY22, according to the NSO's first FAE. However, these are just rough projections for 2022–2033.
  • The prediction is slightly higher than the Reserve Bank of India's expectation of 6.8%. (RBI).
  • The FAE of Gross Domestic Product (GDP), introduced in 2016–17 to act as a crucial input to the budgeting process, is built on a sparse data set and was created utilizing the Benchmark–Indicator Method. It will be used in making the budget for the upcoming fiscal year (FY24) by Nirmala Sitharaman.
  • Key points:
    • The provisional estimate of GDP for FY22, released on May 31, 2022, was Rs 147.36 lakh crore. The real GDP, or GDP at constant (2011–12) prices, is predicted to be Rs 157.60 lakh crore in FY23.
    • The provisional estimate of GDP for FY22, released on May 31, 2022, was Rs. 236.65 lakh crore, while the nominal GDP, or GDP at current prices, is projected to be Rs. 273.08 lakh crore in FY23.
    • From 19.5% in FY22, the nominal GDP growth rate for FY23 is predicted to be 15.4%.
    • Net India's National Income (NNI) is expected to increase by 6.6% in FY23, compared to an increase of 8.5% in FY22. As a result, it is anticipated that the fiscal deficit would remain at or below the budgeted estimate of 6.4% of GDP.
    • The headline GVA growth is anticipated to drop to 6.7% in FY23 from 8.1% in FY22.
    • In FY24, it is predicted that the GDP growth of the Indian economy will slow to about 6.1%.
    • Manufacturing production is anticipated to decrease to 1.6% in FY23 from an increase of 9.9% in FY22.
    • In the home sector, which accounts for 44–45% of GVA, the nominal wage growth decreased from 8.2% in FY12–FY16 to 5.7% in FY17–FY21.
    • Compared to the 8.4% growth in Q2FY22, India's gross domestic product (GDP) growth slowed to 6.3% in Q2FY23. In the April to June quarter of FY23, it was 13.5%. (Q1FY23).

Question: 

Q.1 How much did India’s economy grow in FY22, according to NSO?
a. 8.1%
b. 8.3%
c. 8.7%
d. 8%

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