The country's economic growth rate is likely to slow down to 7 percent year-on-year from 1.7 percent in the current fiscal due to the weak performance of the manufacturing and mining sectors along with a slowdown in demand. If this happens, India may lose the status of the country with the fastest economic growth rate. Saudi Arabia can overtake this, whose growth rate is estimated to be 7.6 percent.
This possibility has been expressed in the first advance estimate of national income released by the National Statistics Office (NSO) on Friday. However, this is higher than RBI's estimate of 6.8%. The GDP growth rate in 2021-22 was 8.7%.
According to the NSO, nominal GDP (the value of goods and services produced in a year at the market or current prices) may also decline by 4.1 percent to 15.4 percent during 2022-23. In 2021-22, this figure was 19.5 percent. According to the data, the manufacturing sector output is expected to decline by 1.6 percent in the current financial year. There was an increase of 9.9 percent in 2021-22. Similarly, the rate of growth of production in the mining sector is likely to slow down to 2.4 percent from 11.5 percent in the previous fiscal.
The size of the economy can increase by Rs 36.43 lakh crore
Nominal GDP can increase by Rs 36.43 lakh crore to reach Rs 273.08 lakh crore in the current financial year. In 2021-22, this figure was 236.65 lakh crores.
The size at real GDP or constant price (2011-12) may be 157.60 lakh crore in 2022-23. Earlier there was an estimate of 147.36 lakh crores.
The mixed performance on the production front
The rate of production in the agriculture sector will increase from 3 percent to 3.5 percent in the current financial year.
The growth rate of the transport, hotel, and communication sectors is expected to increase from 11.1 percent to 13.7 percent.
The growth rate of financial, real estate, and professional services may increase from 4.2 percent to 6.4 percent.
However, the growth rate of the construction sector may come down to 9.1 percent from 11.5 percent.
The growth rate of public administration, defense, and other services may come down to 7.9%.
Now Foreign Minister Jaishankar will travel in a bulletproof car with commandos, security increased amid India-Pak tension.
The central government has increased the security of External Affairs Minister S Jaishankar. ANI quoted sources saying that his security has been increased by adding a bulletproof vehicle to his
Pahalgam Attack: When Eshanya pleaded with the terrorists, they said- we will see you later, Shubham's sister reveals- the horse owners...
There is anger among the family members after the killing of Kanpur resident Shubham Dwivedi in the terrorist attack in Pahalgam, Jammu and Kashmir. Shubham Dwivedi's body was brought from Lucknow
Bhargavastra: 'Bhargavastra' will sense the threat of a drone and destroy it in a moment, capable of attacking up to 2.5 KM
India has successfully tested the indigenously developed anti-drone state-of-the-art hypersonic missile system Bhargavastra. This missile is equipped with the ability to fly five times faster than the
Raftaar vs True Blue: Canadian rapper accused of hurting religious sentiments; Raftaar gets angry after seeing obscene dance
Indian rapper Raftaar has accused Canadian rapper Tommy Genesis of hurting religious sentiments in his new music video 'True Blue'. Some scenes of this music video have surfaced, in which people are
Weather Update: Effect of Biparjoy in Delhi as well, today the temperature will fall again due to cloudy weather, good news for UP-MP
Weather Update Today The weather has become pleasant in all the states of North India due to the rains in the past day. The effect of Cyclone Biperjoy has also been seen in Delhi. It is still cloudy
HanuMan: Union Home Minister Amit Shah met the team of 'Hanuman', posted and praised Prashant Verma-Teja Sajja
The film 'Hanuman' starring Teja Sajja, and directed by Prashant Verma, was a success at the domestic as well as foreign box office. This superhero film got a lot of love from the people. Now this
A cold wave is sweeping from Delhi to Bihar, two people have died due to the cold in Uttar Pradesh; over 100 trains are delayed due to fog.
The entire North India is currently gripped by a severe cold wave. Temperatures are continuously dropping from the hilly regions to the plains. Continuous snowfall in the mountains has intensified the
'They knew my past before marriage' that's why chose death... TCS manager's wife's WhatsApp chat reveals
TCS company manager Manav Sharma's parents and sister are shocked by his suicide. He is demanding action against his accused wife and in-laws. After the case was registered, Manav's wife Niketa is
IND vs SA: Hardik Pandya openly showered love on Mahieka Sharma; his girlfriend said, "There's no one like you, my king."
The Indian cricket team, after defeating South Africa 2-1 in the ODI series, started the five-match T20I series with a win. Hardik Pandya stole the show in the first T20I match played in Cuttack.
NASA signs $ 115 million agreement with Boeing, know what will change in aviation
NASA Boeing Partnership: American Space Agency NASA and aircraft manufacturer Boeing are working together on a project that will make future flights environment-friendly. NASA and Boeing will work
