India’s FY23 GDP growth likely to be over 7.2 pc : Nageswaran

Chief Economic Advisor Dr V Anantha Nageswaran on Saturday lauded the estimated 7.2 per cent real GDP growth in 2022-23 and expressed confidence that when the final numbers for the fiscal are frozen in early 2026, the growth will be higher.

Speaking at an event organised by the Bharat Chamber of Commerce here, Nageswaran said, “7.2 per cent GDP growth is heartening achievement for the government and economy. It is efforts of people like you more than the government that gave us 7.2 per cent real GDP growth in FY 23 following the 9.1 per cent in FY 22.”

Nageswaran said that India’s GDP growth estimates are presented six times and the final estimate for FY 23 will actually be with us in January-February 2026.

“And my expectation and belief is that when the final number for FY 23 is frozen in February 2026, the number will be more than 7.2 per cent,” he said.

According to official data released earlier this week, India’s economy grew by 6.1 per cent in the January-March quarter of 2022-23 and annual growth rate was 7.2 per cent.

As per the provisional estimates released by the National Statistical Office (NSO) recently, real GDP growth for 2022-23 stood at 7.2 per cent, higher than the 7 per cent projected earlier.

Nageswaran said this is the first reliable estimate of GDP growth and as more and more data become available, further revision will be for upside from 7.2 per cent.