The Indian economy will show resilient growth in the ongoing fiscal year as activity rebounds despite rising global headwinds.
GDP is estimated to grow 7% in FY23, according to the first advance estimates released by the Central Statistics Office ahead of the union budget. This is compared to a provisional estimate of 8.7% for FY22. A Bloomberg poll of 27 economists estimated the country's GDP to rise 6.8% in FY23. GDP growth for 2022-23 is projected at 6.8% by the Reserve Bank of India, with Q3 at 4.4% and Q4 at 4.2%. Gross value added, which strips out indirect tax and subsidies, is expected to rise 6.7% compared to a growth of 8.1% last fiscal year. Nominal GDP, which will be used as the base for the upcoming budget, is estimated to rise by 15.4% compared to a rise of 19.5% in FY22.