New Delhi: The National Statistical Office (NSO) updated that the economy of the country will grow at 7% in 2022-23. In the previous fiscal year the economic growth was at 8.7%. The poor performance of the manufacturing sector is the main reason for this.
‘Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on 31st May, 2022. The growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22,’ said the first advance estimates of National Income for 2022-23.
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The output of the manufacturing sector is estimated to decelerate to 1.6% as against a growth of 9.9% in FY22.
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