India’s FY23 growth estimates may be revised upwards: CEA

New Delhi, June 10 (KNN) The government is likely to do a upward revision of the official estimate of India's FY23 economic growth rate of 7.2 per cent in its final assessment, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Friday.

Speaking at an industry interaction organised by the Conferderation of Indian Industry (CII) in Lucknow, Nageswaran said that the gross domestic product (GDP) data gets revised six times.

"The final number is the sixth estimate which comes three years later. The final estimate for the year ending March 2023 will come in January-February 2026,” he said. 

“When that figure comes out, I am confident that the 7.2% will be even higher. That is the momentum in the economy that we are witnessing that even 7.2% will turn out to be an underestimate, not an overestimate of growth last year," Nageswaran explained.

The chief economic advisor also expressed confidence about the economic expansion and also said that policymakers are aware of the challenges ahead. 

Even if monsoon set in with a slight delay, water level in reservoirs is higher than ten-year average, seed availability is quite good for kharif crop, wheat inventory is sufficient to manage price fluctuations and fertilizer stock is comfortable, Nageswaran explained.

Nageswaran also said that investment growth will result in jobs growth. The government should ensure fiscal health remains stable.  (KNN Bureau)