Ministry of Statistics to release second advance GDP estimate for 2022-23 and revised economic growth data for 2021-22 on Tuesday
The Ministry of Statistics and Programme Implementation is all set to release the second advance estimate of the Gross Domestic Product (GDP) for the fiscal year 2022-23 along with the data for the December quarter on Tuesday evening. In addition to this, the ministry will also unveil the revised estimate of economic growth for the year 2021-22, which was initially estimated at 8.7% in May 2021.
The first advance estimates, released last month, had pegged the GDP growth for 2022-23 at 7%. However, the Reserve Bank of India had lowered the country’s GDP growth forecast to 6.8% for the current fiscal year in December 2022. This was a cut from the earlier projection of 7%. The RBI had also trimmed the growth projection for the third time in December 2022, with the third quarter and fourth quarter growth projections at 4.4% and 4.2%, respectively.
The data assumes significance since it is crucial for policymakers to frame the country’s economic policies accordingly. While the Asian Development Bank has projected the Indian economy to expand at 7%, the International Monetary Fund (IMF) has pegged the growth at 6.8% for the fiscal year 2022-23. Investors and stakeholders will closely monitor the release of these estimates and projections to make informed decisions.
