GDP: India can lose the status of the country with the fastest economic growth rate, the growth rate can be seven percent

Posted on 7th Jan 2023 04:21 pm by rohit kumar

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%.

 

Also Read: Pakistan Crisis: Inflation hits the 'prodigal' neighbor, cylinder is available for 10 thousand, and the prices of chicken and roti are touching the sky

Other news

Dispute in Parliament over language dispute, now one word of Dharmendra Pradhan created ruckus; DMK MP gave notice of breach of privilege.

DMK MP Kanimozhi Karunanidhi filed a notice of breach of parliamentary privilege on Monday agains

Devara: Rajamouli got crazy about 'Devra', director went to watch the first-day first show of Junior NTR's film

Junior NTR and Janhvi Kapoor starrer 'Devra' has been released in theatres today. The craze of th

Who is YS Sharmila who slapped the policeman in Telangana? Relationship with the Chief Minister of Andhra Pradesh

YS Sharmila, sister of Andhra Pradesh Chief Minister and YSR Congress Party President Jagan Mohan

You will not be able to burst crackers on Diwali in Delhi, SC refuses to interfere in the decision of the Kejriwal government.

Delhi Firecrackers Ban: People waiting to burst crackers on Diwali in Delhi have got a shock. The

Bro Movie Review: Pawan Kalyan's BRO released in theatres, do not miss these five films of Power Star

Pawan Kalyan BRO releases In Cinemas: The big name of the Telugu film industry 'Pawan Kalyan' nev

Hanuman Movie Review: 'Hanuman' played in Ramkaal of Kaliyuga, Desi Superman emerged from the valleys of Anjanadri.

For the devotees of Ram who were disappointed after watching the film version of Ramkatha 'Adipur

'Pointing fingers at people directly...', Chum Darang spoke on Raja Raghuvanshi murder case, never thought Sonam would get the murder done.

The murder case of Indore-based businessman Raja Raghuvanshi has heated all over the country. The

Nepotism, scams, unemployment... what other reasons fuelled violence in Nepal?

The Nepal government ordered all social media apps, including Facebook, WhatsApp, and Instagram,

Azam Khan: 'If you are angry then take it out on the ball Azam Khan' Pak cricketer glared at fans after getting out on a golden duck

Pakistan's start in the T20 World Cup 2024 has been very embarrassing. Co-host USA defeated Pakis

'Please don't do this', Sonu Nigam was stoned, and students started throwing bottles and stones at the singer during the concert.

Music world's veteran singer Sonu Nigam often comes into limelight for some reason or the other.