Economy to grow by 8.5% as per Q1 data: FinMin

The number is based on observations from high-frequency indicators for the first quarter of the FY23

July 20, 2022

On 31 January this year, the Economic Survey forecast the Gross Domestic Product (GDP) growth to be at 8-8.5%, for FY23

The International Monetary Fund (IMF) projected India's real GDP growth to be at 8.2% in FY23

The GDP for FY22 stood at INR 2,36,64,637 crore and the GDP growth rate at 8.7%

The fiscal deficit for FY22 stood at 6.7% of the GDP

The Indian economy is on the road to achieving a projected 8-8.5% growth due to observations from high-frequency indicators for the first quarter of the FY23, according to a report from the Ministry of Finance. 

On 31 January this year, the Economic Survey forecasted the GDP growth to be at 8-8.5%, for FY23. 

According to Pankaj Choudhary, the Minister of State for Finance, the sustained growth momentum in a number of High-Frequency Indicators indicate that the projected growth path is on course in the first quarter of FY23.

The minister further added that the Reserve Bank of India (RBI), in its June Monetary Policy Committee meeting, increased the repo rate by 50 basis points, in addition to the previous hike of 40 basis points in May 2022.

The International Monetary Fund (IMF), on the other hand, projected India’s real GDP growth to be at 8.2% in FY23.

According to government estimates, the GDP for FY22 stood at INR 2,36,64,637 crore and the GDP growth rate at 8.7%. 

The minister also said that the government has taken several precautionary measures to ensure that the economy will not be majorly affected by the ongoing global concerns. 

The fiscal deficit for FY22 stood at 6.7% of the GDP.