Kolkata: Dr. V Anantha Nageswaran, Chief Economic Advisor, praised the estimated 7.2% real GDP growth in 2022-23 and was confident that the growth will be higher when the final numbers for the fiscal are frozen in early 2026
He said that the government and economy have accomplished a "heartening feat" with GDP growth. He was addressing the Bharat Chamber of Commerce industry event in Kolkata.
In contrast to the government, "it is efforts of people like you more than the government that gave us 7.2 percent real GDP growth in FY 23 following the 9.1 percent in FY 22," he said. India's GDP growth forecasts, according to CEA Nageswaran, are provided six times, and "the final estimate for FY 23 will actually be with us in January-February 2026," he said.
India's GDP increased by 6.1% in the January-March quarter of 2022–2023, and its annual growth rate was 7.2%, according to government data released earlier this week.
As per the provisional estimates released by the NSO recently, real GDP growth for 2022-23 stood at 7.2%, higher than the 7% projected earlier.
This is the first accurate estimate of GDP growth and future revisions will be upward from 7.2% as more and more data become available, Nageswaran said.
Private consumption has caught up to the pre-pandemic growth trend, he claimed, eliminating the dent in household spending caused by the pandemic and lockdown restrictions.
The pre-pandemic trend in private consumption has been surpassed. It almost seems as though the epidemic, which has affected family consumption, never happened. The catch-up has been swift, and Undoubtedly, urban consumption is the key driver, Nageswaran said.
India's GDP increased by 6.1% in the final quarter of 2022–2023