Home / Economy / Indian economy on track to achieve a 6.8-7% GDP growth in FY 2022-23: CEA

On the day the National Statistical Office (NSO) released the Gross Domestic Product (GDP) growth data for July to September quarter, Chief Economic Advsior V Anantha Nageswaran said that the Indian economy is on track to achieve a 6.8-7 per cent GDP growth in the current fiscal.

CEA Nageswaran was of the opinion that the economic recovery momentum is continuing and the GDP is averaging the 2019-20 level.

"In 2022-23, the economy is on track to reach a 6.8-7 per cent growth in the current fiscal," he said, adding festival sales, PMI, bank credit growth and auto sales data shows that the economy has maintained momentum despite global headwinds.

ALSO READ: India's Q2 GDP growth slows to 6.3% on higher prices

Earlier in the day, the NSO under the Ministry of Statistics and Programme Implementation, said that economy has grown by 6.3 per cent in the July to September quarter, down from explosive growth of 13.5 per cent in the previous quarter.

Last year, the GDP growth rate was 8.4 per cent in the July-September quarter. While, India's economy grew by 9.7 per cent growth in the first half (April-September) of this fiscal.

The Indian Monetary Fund (IMF) had projected Indian economy to grow at 6.8 per cent this fiscal, while the RBI has pegged it at 7 per cent.

Expressing her views, ICRA's Chief Economist Aditi Nayar said, "The Q2 FY2023 GDP growth of 6.3% came in similar to our estimate of 6.5%, even as the GVA rise of 5.6% trailed our forecast (6.3%) by a wide margin, led by an unexpected contraction in manufacturing that seems to reflect the impact of high input prices on margins in certain sectors."

With PTI inputs.

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