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

Paatal Lok 2: How did you feel playing the role of Hathiram Chaudhary, Jaideep Ahlawat revealed many secrets of Paatal Lok 2

Paatal Lok is one of the most loved crime thriller web series on Amazon Prime Video. The second p

Big contradiction between Rahul Gandhi's statement and the Election Commission's data, inconsistent information on voter increase

There is a contradiction between Rahul's statement on the President's address in the Lok Sabha an

Sonu Sood: Sonu Sood reached Punjab to help the flood-affected people. Users called him a real hero

Punjab is badly affected by floods these days. Many Bollywood celebs are coming forward to help t

UPPSC UP PCS Prelims Result 2023 Out: UPPSC PCS preliminary exam result released, 4047 qualified

UPPSC PCS Prelims Result 2023 Out: Uttar Pradesh Public Service Commission (UPPSC) soon declared

'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

'Ravana wasn't bad, he was naughty...', controversy erupts over Simi Garewal's Dussehra post, people say, 'She should have read the Ramayana first.'

Every year, Ravana is burnt on the occasion of Dussehra, also known as Vijayadashami. This year,

Wayanad landslide: DNA testing of 349 human body parts has been completed so far, DNA testing of 52 parts could not be done due to decomposition

DNA testing of 401 body parts recovered from the landslide-hit areas in Wayanad on July 30 was co

PM Modi in Saharanpur: 'I will not let the country bow down, the alliance will fight against power' Prime Minister Modi roared at the opposition in Saharanpur

PM Modi addressed a public meeting in Saharanpur. During this, while paying homage to Mother Shak

Air India Tragedy: After the accident, rescue workers recovered 70 tolas of gold jewelry and Rs 50,000 cash from the debris; handed them over to the police

After the Ahmedabad plane crash, a huge amount of gold jewelry, and cash was also found during th

President's Manipur Visit: President Droupadi Murmu's first visit to Manipur, a ceremony held to honor the struggles of women.

Indian President Droupadi Murmu will begin a two-day visit to Manipur on Thursday. During her vis