Govt to release second advance GDP estimate for 2022-23 on Tuesday

Ministry of Statistics and Programme Implementation will release the second advance estimate of the Gross Domestic Product for 2022-23 along with December quarter data on Tuesday evening.

The ministry will also release the revised estimate of economic growth for 2021-22 which was estimated at 8.7 per cent in May last year. As per the first advance estimates released last month, the GDP growth was pegged at 7 per cent for 2022-23. The data assumes significance since in December 2022, the Reserve Bank of India lowered the country’s GDP growth forecast to 6.8 per cent for the current fiscal. It was cut from the earlier projection of 7 per cent.

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RBI had projected the real GDP growth for 2022-23 at 6.8 per cent, with the third quarter and fourth quarter growth at 4.4 per cent and 4.2 per cent, respectively. It had trimmed the growth projection for 2022-23 for the third time in December last year. The Asian Development Bank has projected the Indian economy to expand 7 per cent while the International Monetary Fund (IMF) has pegged the growth at 6.8 per cent in 2022-23.