Govt to release first advance economic growth estimates for FY23 on Friday

The National Statistical Office will release the first advance estimates of economic growth for 2022-23 on Friday evening, three weeks ahead of presentation of General Budget in Lok Sabha on February 1.

The first advance estimates of national income for 2022-23 is significant because the data is used for preparing the Budget of the central government for next financial year of 2023-24.

Earlier last month, the Reserve Bank of India had lowered the country’s GDP (gross domestic product) growth forecast to 6.8 per cent for the current fiscal from 7 per cent earlier, on account of continued geopolitical tensions and tightening of global financial conditions.

The RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter at 4.4 per cent and the fourth at 4.2 per cent.

It had pared the growth projection for 2022-23 for the third time in December 2022.

In April 2022, the central bank had cut the GDP growth estimate from 7.8 per cent to 7.2 per cent, and further lowered it to 7 per cent in September, last year.

The GDP growth in the second quarter of the fiscal slowed to 6.3 per cent from 13.5 per cent in the preceding three months.

The International Monetary Fund (IMF) too had reduced India’s growth prediction for FY23 to 6.8 per cent from 7.4 per cent projected in July 2022.

The World Bank, however has raised India’s GDP forecast for the current fiscal to 6.9 per cent from its earlier estimate of 6.5 per cent.

The Asian Development Bank has kept India growth forecast unchanged at 7 per cent for 2022-23.