The GVA of the construction sector is expected to grow by 9.1% through the year. Photo has been used for representation purpose only. , Photo credit: The Hindu
India’s real GDP is expected to grow by 7% in 2022-23 as compared to 8.7% in 2021-22, according to the National Statistical Office’s first advance estimates of gross domestic product. The estimates are made using limited data, and serve as an essential input for the Union Budget formulation exercise.
Gross Value Added (GVA) in the economy is expected to grow by 6.7% this year, compared to 8.1% in 2021-22, with trade, hotels, transport, communication and services related to broadcasting recording the highest GVA expansion of 13.7% .
Manufacturing and mining GVA are projected to grow only 1.6% and 2.4% in 2022-23 as against 9.9% and 11.5% respectively in the previous year, but agriculture GVA is expected to grow faster than last year’s 3% to 3.5%.
The GVA of the construction sector is expected to grow by 9.1% through the year, with a 9% increase in electricity, gas, water and other utilities.
The GVA of financial, real estate and professional services is expected to grow by 6.4% in 2022-23 from 4.2% in 2021-22.
GVA from public administration, defense and other services (which includes health, education, entertainment and other personal services) is expected to grow by 7.9% in 2021-22 as compared to 12.6%.