GDP of India may slip to 7% in FY23: NSO

New Delhi, Jan 7 (KNN) According to the National Statistical Office (NSO) in the current financial year of 2022-23 India will witness a real GDP growth of 7 per cent.

As per its First Advance Estimates of National Income for the year released on Friday the country’s real GDP will slow from 8.7 per cent in FY22 to 7 per cent in FY23.

With GDP estimated to have clocked a 9.7% uptick in the first six months, the advance estimate implies that growth will moderate to 4.5% in the second half, reported The Hindu.

With almost three months to go in the year the NSO’s estimate is based on limited data.

The data essentially serves as an input for the Union Budget formulation exercise.

NSO has assumed a 0.2 per cent contraction in private consumption spending between October 2022 and March 2023, but optimistically expects an almost 12 per cent rise in exports.  (KNN Bureau)