Govt to release first advance economic growth estimates for FY23 on Friday

The National Statistical Office will release the first advance estimates of economic growth for 2022-23 on Friday evening, three weeks ahead of the presentation of the Union Budget in Lok Sabha on February 1.

The first advance estimates of national income for 2022-23 are significant because the data is used for preparing the Budget of the central government for the next financial year of 2023-24.

Earlier last month, the Reserve Bank of India (RBI) lowered the country's GDP (gross domestic product) growth forecast to 6.8% for the current fiscal from 7% earlier, on account of continued geopolitical tensions and tightening of global financial conditions.

The RBI had projected the real GDP growth for 2022-23 at 6.8%, with the third quarter at 4.4% and the fourth at 4.2%.

It had pared the growth projection for 2022-23 for the third time in December 2022.

In April 2022, the central bank cut the GDP growth estimate from 7.8% to 7.2%, and further lowered it to 7% in September, last year.

The GDP growth in the second quarter of the fiscal slowed to 6.3% from 13.5% in the preceding three months.

The International Monetary Fund (IMF) too had reduced India's growth prediction for FY23 to 6.8% from 7.4% projected in July 2022.

The World Bank, however, has raised India's GDP forecast for the current fiscal to 6.9% from its earlier estimate of 6.5%.

The Asian Development Bank has kept India's growth forecast unchanged at 7% for 2022-23.