The government has revised the economic growth rate for the year 2021-22 from 8.7 percent to 9.1 percent. Figures related to this have been released by the government. According to the data released by the government, the growth rate in the year 2022-23 will be seven percent. According to government data, the growth rate in the October to December quarter stood at 4.4 percent. In the same period last year, a growth rate of 11.2 percent was registered.
The growth rate of the Indian economy was recorded at 6.3% in the September 2022 quarter. Earlier in the advance data released in January 2023, a growth rate of seven percent was estimated for the year 2022-23. The key difference between the two estimates is that the SAE (second advance estimate) is calculated by including the GDP data for the third quarter (October to December).
Earlier in December, the Reserve Bank of India had cut the GDP growth forecast for the current fiscal to 7 percent from 6.8 percent due to geopolitical tensions and tightening global financial conditions. The RBI had cut the growth forecast for 2022-23 for the third time in December last year. At the same time, the International Monetary Fund (IMF) has projected a growth rate of 6.8 percent for the Indian economy in the year 2022-23. At the same time, the Asian Development Bank also estimates that the country's growth rate could be 6.8 percent in the current financial year.
Chief Economic Advisor said - GDP estimate figures are quite real
Chief Economic Advisor (CEA) Ananth Nageswaran on Tuesday said the high-frequency data indicate a pick-up in the pace of economic growth. "Gross Domestic Product (GDP) growth forecast of 7 percent for the current financial year is quite realistic," he said. He also said that there are enough indications that the manufacturing sector is in good shape.
Nageswaran told reporters, "With inflation softening and the WPI recovery taking its course, we need to be prepared with both supply-side and monetary policy measures during the next fiscal due to El Nino activity." Is required." He said the GDP growth forecast for the next fiscal at 6.5 percent is within the range of estimates by the OECD and other agencies like ADB, but downside risks remain.
18% increase in net national income
According to the data, the net national income at current prices was Rs 203.27 lakh crore in 2021-22. It was Rs 172.23 lakh crore in 2020-21. In this way, the net national income has increased by 18 percent in 2021-22. It had declined by three percent in 2020-21. The per capita net national income at current prices is likely to be Rs 1,27,065 in 2020-21 and Rs 1,48,524 in 2021-22.
Production of basic industries was 7.9 percent in 10 months
The growth rate of output in eight core basic industries coal, crude oil, natural gas, refinery products, fertilizer, steel, cement, and electricity stood at 7.9 percent in the April-January period of the current financial year. This figure was 11.6 percent in the same period of the previous financial year. The core sector or core infrastructure industries account for 40.27 percent of the Index of Industrial Production (IIP).
Net tax collection reached 80.9 percent in 10 months
According to the data, in the first 10 months of the current financial year i.e. between April and January, the net tax collection reached Rs 16,88,710 crore. This is 80.9 percent of the revised budget estimate for 2022-23. The total expenditure of the government during this period has been Rs 31.67 lakh crore or 75.7 percent of the revised estimate for 2022-23.
GDP of 40.19 lakh crore in the third quarter
According to the National Statistical Office, the size of GDP at constant prices (2011-12) in the third quarter could be Rs 40.19 lakh crore. It was 38.51 lakh crore in the same quarter of 2021-22. The size of the economy can increase from 62.39 lakh crore to 69.38 lakh crore at current prices.
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