India Set to Lose Fastest-Growing Major Economy Tag In FY23
NDTV
Gross domestic product will grow 7% in the fiscal year ending March, according to the first official estimate released by the Statistics Ministry Friday.
India is set to lose its fastest-growing major economy tag this year, as growth took a hit from weakening demand at home and abroad.
Gross domestic product will grow 7% in the fiscal year ending March, according to the first official estimate released by the Statistics Ministry Friday. That compares with a 6.8% expansion forecast by the Reserve Bank of India, as well as the median estimate in a Bloomberg survey of economists.
That performance follows an 8.7% pace of expansion in the previous year, and will be second only to Saudi Arabia's expected 7.6% growth, thanks to gains from a spike in energy prices.
The Indian government uses the advance estimate to decide its spending priorities in the upcoming federal budget on Feb. 1, which will also be the last full-year expenditure plan of Prime Minister Narendra Modi's government before elections in 2024.
