Economy expected to grow at 7% in 2022-23, says government data

Gross Value Added in the economy expected to rise 6.7% this year.

India’s real GDP is expected to grow 7% in 2022-23, compared to 8.7% in 2021-22, as per the First Advance Estimates of GDP from the National Statistical Office. The estimate is arrived by using limited data, and serves as an essential input to the Union Budget formulation exercise.

The Gross Value Added (GVA) in the economy is expected to rise 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 is estimated to grow just 1.6% and 2.4% in 2022-23, compared to 9.9% and 11.5, respectively last year, but agriculture GVA is expected to grow faster at 3.5% from 3% in the previous year.

Construction sector’s GVA is reckoned to grow 9.1% through the year, with Electricity, Gas, Water and other utilities rising 9%.

Financial, Real Estate and Professional Services’ GVA is expected to grow 6.4% in 2022-23, from 4.2% in 2021-22.

GVA from Public administration, Defense and Other services (which include health, education, recreation and other personal services is expected to grow 7.9%, compared to 12.6% in 2021-22.