Govt to release second advance GDP estimate for 2022-23 today

Ministry of Statistics and Programme Implementation will release the second advance estimate of the Gross Domestic Product (GDP) for 2022-23 along with December quarter data on Tuesday evening.

The ministry will also release the revised estimate of economic growth for 2021-22, estimated at 8.7% in May last year.

As per the first advance estimates released last month, the GDP growth was pegged at 7% for 2022-23.

The data assumes significance since in December 2022, the Reserve Bank of India (RBI) lowered the country's GDP growth forecast to 6.8% for the current fiscal. It was cut from the earlier projection of 7%.

RBI had projected the real GDP growth for 2022-23 at 6.8%, with the third quarter and fourth quarter growth at 4.4% and 4.2%, respectively. It had trimmed the growth projection for 2022-23 for the third time in December last year.

ALSO READ

Govt, RBI in discussion with South Asian countries for cross-border rupee trade

The Asian Development Bank has projected the Indian economy to expand 7%, while the International Monetary Fund (IMF) has pegged the growth at 6.8% in 2022-23.

Noted banker K V Kamath, who now chairs the National Bank for Financing Infrastructure and Development (NaBFID), expects the digital sector to contribute a quarter of the incremental GDP by the time the economy becomes a $7 trillion giant by FY29.

Currently, the contribution of the digital economy is a low 4%, whereas it is as much as 40% in China.

The government and planners see the economy becoming the third largest in the world by FY29, overtaking Japan, with a GDP of $7 trillion from the present $3.3 trillion.