GDP: According to CEA, India’s FY23 GDP growth might have exceeded 7.2% when final data are announced in 2026
The anticipated 7.2% real GDP growth in 2022–2023 was lauded by Dr. V Anantha Nageswaran, Chief Economic Advisor, who expressed confidence that the growth would be greater when the fiscal year’s final data are frozen in early 2026.
He referred to the GDP rise as a “heartening feat” for the government and the economy. He was speaking at an industry gathering hosted by the Bharat Chamber of Commerce in Kolkata.
“It is efforts of people like you more than the government that gave us 7.2 percent real GDP growth in FY 23 following the 9.1 percent in FY 22,” he stated, in contrast to the administration. According to CEA Nageswaran, six projections are given for India’s GDP growth, and “the final estimate for FY 23 will actually be with us in January-February 2026,” he stated.
According to official figures published earlier this week, India’s GDP expanded by 6.1% in the January-March quarter of 2022-2023, with an annual growth rate of 7.2%.
According to the NSO’s most current preliminary projections, real GDP growth for 2022–23 was 7.2% rather than the 7% predicted before.
According to Nageswaran, this is the first precise estimate of GDP growth, and subsequent adjustments will increase from the current estimate of 7.2%.
He said that the decline in household expenditure brought on by the pandemic and lockdown restrictions has been eliminated, with private consumption having recovered up to the pre-pandemic growth trajectory.
In terms of private consumption, the pre-pandemic trend has been exceeded. The pandemic, which has harmed family consumption, almost appears to have never existed. Urban consumption is undoubtedly the main factor in the quick catch-up, according to Nageswaran.
