Last Update: January 06, 2023, 18:12 IST
The First Advance Estimates of National Income for 2022-23 have been released.
Manufacturing sector output estimated to contract by 1.6 per cent in FY22 as against 9.9 per cent growth
The National Statistical Office (NSO) on Friday said the Indian economy is projected to grow at 7 per cent in 2022-23, as against 8.7 per cent in the previous fiscal, mainly due to the poor performance of the manufacturing sector.
Releasing the first advance estimates of national income for 2022-23, the NSO said, “The real GDP or GDP at constant (2011-12) prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, while the provisional estimates for the year 2021- 147.36 lakh crore GDP for 22, released on May 31, 2022. Real GDP growth during 2022-23 is estimated at 7.0 per cent, as against 8.7 per cent in 2021-22.
Manufacturing sector output is estimated to decline by 1.6 per cent as against a growth of 9.9 per cent in FY22.
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