
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%.
The team of Sunrisers Hyderabad has won its second consecutive win after a bad start in the 16th
The face of Punjab can change with the guarantee of MSP of lentils, arhar, urad, maize, and cotto
Nationalist Congress Party (NCP) leader Baba Siddiqui was shot dead in Mumbai on Saturday night.
Israel-Hamas War: Ceasefire has been announced for the first time amid the Israel-Hamas war. Qata
There is often news of tension between India and Pakistan, but very rarely when it comes to love
Sourness in India-Bangladesh relations! Yunus government called back two diplomats
India-Bangladesh relations After the formation of the interim government in Bangladesh, its relat
Qatar Navy Officer News The death sentence of 8 former Indian sailors has been put on hold in Qat
As October is about to pass, changes are also being seen in the weather. After snowfall in the hi
The Indian team has to face Pakistan in the ODI World Cup to be held later this year. Both the te
An exciting match was played between India and Pakistan in the T20 World Cup 2024. The match betw