India’s economy is growing at a spectacular pace in adverse circumstances. At a time when Europe Recession has come, India has done an economic growth rate of 7.2 percent during the last financial year. Recently its official figures have been released. However, Chief Economic Advisor V Anantha Nageswaran believes that the actual figures could be even higher.
chief economic advisor
Chief Economic Advisor V Ananth Nageswaran says that when the final GDP figures come, the country’s economic growth rate for the financial year 2022-23 may be higher than the recent estimate of 7.2 percent. The CEA said that the real GDP growth rate during the last fiscal was 7.2 per cent, lower than 9.1 per cent in the previous fiscal. However, I think the growth rate of the last financial year is going to be more than 7.2 per cent.
Final figures come after 3 years
The final figures of GDP for the financial year 2022-23 will come in 2026. GDP figures are changed several times. After continuous revision, the final figures come out after about 3 years. This is because it is not possible to measure many aspects of the economy immediately. As the figures become clear, the revision in GDP and growth rate keeps on happening.
Government and RBI unanimity
The CEA said on Saturday that the government and the Reserve Bank of India are of the same opinion regarding the growth forecasts for the financial year 2023-24. Both have predicted 6.5 per cent growth. Nageswaran said in a program of industry organization India Chamber of Commerce that both the Finance Ministry and the RBI have projected 6.5 percent growth in the current financial year. The momentum of domestic economic growth is strong enough to offset external risks.
This is the estimate of the Reserve Bank
RBI Governor Shaktikanta Das said after the Monetary Policy Committee (MPC) meeting on Thursday that the GDP growth rate for 2023-24 is estimated to be 6.5 per cent. The central bank had earlier said in April that the growth rate could be 6.4 per cent.
CEA also worried about El-Nino
The CEA believes that India is benefiting from low oil prices and macroeconomic stability at the domestic level. India has registered the fastest growth among major economies, which augurs well for the first quarter of the current financial year. On agriculture, Nageswaran said though there are concerns about the El Nino effect, there is enough water in the country’s reservoirs and seeds and fertilizers are also available in sufficient quantity.
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