Indian growth impressive, FY23 to surpass 7.2% in final estimate: CEA

Chief Economic Advisor (CEA) V Anantha Nageswaran today said the Indian economy is growing quite impressively after the pandemic in 2020-21 and expressed optimism about the economy in the next 7 to 10 years. He also said with the momentum in the economy, the final estimate of FY23 economic growth will be higher than the 7.2% GDP growth rate declared by the government for the fiscal.

“The Indian economy is growing quite impressively after the pandemic in 2020-21. We are optimistic about the Indian economy in the next seven to ten years. Corporate and the financial sector will be an important contributors to the Indian growth story compared to the last decade. The government is facilitating economic activity through a commitment to fiscal growth,” CEA V Anantha Nageswaran today said during CII-Industry interaction on building a resilient economy.

Nageswaran expressed confidence that the economic growth numbers of FY23 will get revised upwards when the final estimates are released. “Earlier many people expected that FY23 would end with a growth of 6.7 – 6.8%, but the growth is at 7.2%. GDP data is revised six times. The final estimates for the year ending March 23 will come in Jan – Feb 2026. When that number comes out I am confident that this 7.2% will be even higher. That is the momentum in the economy. Almost all sectors of the economy are doing well,” said Nageswaran.

It may be noted that beating the expectations of timid growth in the fourth quarter of 2022-23, India’s GDP logged a 6.1% growth in Jan–March quarter of the fiscal. Most estimates pegged the Q4 FY23 growth rate in the ballpark of 5%. The GDP growth rate in the full year 2022-23 stood at 7.2% compared with 9.1% in 2021-22.

“Real GDP or GDP at Constant (2011-12) prices in the year 2022-23 is estimated to attain a level of ₹160.06 lakh crore, as against the first revised estimates of GDP for the year 2021-22 of ₹149.26 lakh crore. The growth in real GDP during 2022-23 is estimated at 7.2% as compared to 9.1% in 2021-22,” said a release from the Ministry of Statistics.