India's GDP growth rate was 6.3 percent in the July-September quarter.

new Delhi:

GDP Growth Forecast: The country's economic growth rate may come down to seven percent on an annual basis in the current financial year.

If this happens, then India may come in a position to lose the status of a country achieving rapid economic growth.

In the first advance estimate of national income released on Friday, the National Statistical Office said that the gross domestic product (Gross domestic product) growth rate will be seven percent in the financial year 2022-23, which was 8.7 percent in the last financial year 2021-22. The percentage was

This estimate of NSO is much lower than the government's earlier estimate of 8 to 8.5 percent GDP growth.

Although this is higher than the Reserve Bank of India's (RBI) estimate of 6.8 percent.

India's GDP growth likely to be less than Saudi Arabia

If this estimate is correct, then India's economic growth rate will be less than that of Saudi Arabia.

The growth rate of Saudi Arabia is predicted to be 7.6 percent.

India's GDP growth rate was 6.3 percent in the July-September quarter.

This was lower than Saudi Arabia's 8.7 percent growth rate during the same period.

The first advance estimate of GDP is more optimistic than the actual growth of three years in the last four years.

This estimate is used in the annual budget allocation and other fiscal projections.

India's economic growth on track despite global challenges

However, the NSO's estimates suggest that India's economic growth is on track despite global challenges posed by the Russia-Ukraine war.

But there are also some pressures on the economy.

Inflation in the country remains high.

To bring it under control, the RBI has increased the policy rate by 2.25 percent since May last year, which is expected to affect demand.

Learn from economists how the pace of economic development will be

Aditi Nayar, chief economist at rating agency ICRA, said, "We believe the economy is on an uptrend despite mixed domestic consumption, which will offset some of the problems arising from weak exports." Looking at the estimates given by NSO for the entire financial year, there can be some revision in the sector-wise figures for the first or second half. Sunil Sinha, Senior Director and Principal Economist, India Ratings and Research. Said that the coming time is not going to be easy until the private final consumption expenditure is not fully back on track and not widespread.

Discrepancies of Rs 4,06,943 crore have also been noticed in the first advance estimate for the financial year 2022-23.

This is double the amount of Rs 2,16,842 crore in the provisional estimate of GDP growth for 2021-22 released on May 31, 2022.

This discrepancy was Rs 2,38,638 crore in the financial year 2020-21.

This discrepancy in the GDP figure reflects the difference between the production method and the expenditure method in National Income.

Nominal GDP growth rate likely to be 15.4 percent

According to the NSO, "The country's GDP at constant prices (2011-12) is expected to be Rs 157.60 lakh crore in 2022-23.

In the provisional estimate released on May 31, 2022 for the year 2021-22, GDP was estimated to be Rs 147.36 lakh crore. Apart from this, the GDP growth rate at real ie constant price is expected to be seven percent in the current financial year. Which was 8.7 percent in 2021-22.

GDP (Nominal GDP) at current prices is estimated to be Rs 273.08 lakh crore in 2022-23.

While in the provisional estimate for 2021-22, it was expected to be Rs 236.65 lakh crore.

In this way, the nominal GDP growth rate is expected to be 15.4 percent in 2022-23, which was 19.5 percent in 2021-22.

What is the growth rate estimate for these different sectors

According to the first advance estimate of national income, the production of the manufacturing sector may come down to 1.6 per cent, while it increased by 9.9 per cent in 2021-22.

Similarly, the growth rate of the mining sector is estimated to be 2.4 percent, which was 11.5 percent in 2021-22.

According to advance estimates, the growth rate of the agricultural sector is expected to be 3.5 percent in 2022-23, which is higher than the growth rate of three percent in the previous financial year.

The growth rate of the service sector related to business, hotel, transportation, communication and broadcasting is expected to be 13.7 percent in the current financial year, which will increase to 13.7 percent in 2021-22. was 11.1 percent.

Growth rate in financial, real estate and professional services sector in 2022-23 6.

However, the growth rate of the construction sector is likely to slow down to 9.1 percent, which was 11.5 percent in the last financial year.

Similarly, the growth rate of public administration, defense and other services is estimated to come down to 7.9 per cent from 12.6 per cent in 2021-22.

The rate of growth in Gross Value Added at constant prices is estimated to be 6.7 percent in 2022-23, which was 8.1 percent in the previous financial year.