National Statistical Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), released the Provisional Estimates (PE) of National Income for the fiscal year 2022-23, along with the Quarterly Estimates of Gross Domestic Product (GDP) for the period of January to March 2022-23 (Q4 2022-23). These estimates also encompassed the corresponding figures for the expenditure components of GDP, both at Constant and Current Prices.
According to the data, the Real GDP, or GDP at Constant (2011-12) Prices, for the year 2022-23, is projected to reach ₹160.06 lakh crore. This stands in comparison to the First Revised Estimates of GDP for the preceding fiscal year, 2021-22, which stood at ₹149.26 lakh crore. The growth rate for real GDP during 2022-23 is estimated at 7.2 percent, marking a decrease from the 9.1 percent growth observed in 2021-22.
In terms of Nominal GDP, or GDP at Current Prices, the projections indicate a value of ₹272.41 lakh crore for the fiscal year 2022-23. This represents a significant increase compared to the figure of ₹234.71 lakh crore recorded in 2021-22, demonstrating a growth rate of 16.1 percent.
Specifically analysing the fourth quarter of 2022-23 (Q4 2022-23), GDP at Constant (2011-12) Prices is estimated at ₹43.62 lakh crore. This denotes growth when compared to the Q4 2021-22 figure of ₹41.12 lakh crore, reflecting a 6.1 percent increase. Moreover, GDP at Current Prices for Q4 2022-23 is estimated at ₹71.82 lakh crore, experiencing a rise from ₹65.05 lakh crore in Q4 2021-22, showcasing a growth of 10.4 percent.
Mr. V. Anantha Nageswaran, the Chief Economic Adviser in the finance ministry, remarked that private final consumption expenditure was aligning with the pre-pandemic trajectory, as if the Covid-19 pandemic had not occurred. Additionally, he noted that private investments were gradually unfolding, highlighting India’s promising growth prospects.
Nageswaran further explained that the government investment in infrastructure over the past few years is now beginning to attract private sector investment, as evidenced by new project announcements and cash flow projections released by private companies.
