Chief Economic Advisor Dr. V Anantha Nageswaran on Saturday praised the estimated 7.2% real GDP growth in 2022–23 and expressed optimism that the growth will be higher when the final fiscal numbers are frozen in early 2026.
Nageswaran said that the "heartening achievement for the government and economy" of 7.2% GDP growth when he spoke at this event hosted by the Bharat Chamber of Commerce.
"It is efforts of people like you more than the government that gave us 7.2 per cent real GDP growth in FY 23 following the 9.1 per cent in FY 22," he said.
Nageswaran said India's GDP growth estimates are presented six times, and "the final estimate for FY 23 will actually be with us in January-February 2026".
"And my expectation and belief is that when the final number for FY 23 is frozen in February 2026, the number will be more than 7.2 per cent," he said.
India's economy expanded at an annual rate of 7.2% in the January-March quarter of 2022–2033, according to official data released earlier this week.
The National Statistical Office (NSO) recently released provisional estimates that real GDP growth for 2022–23 was 7.2%, which was higher than the earlier projected 7%.
Nageswaran said this is the first reliable estimate of GDP, and "as more and more data become available, further revision will be for upside from 7.2 per cent."
The CEA had previously stated that he anticipated an upward revision to the GDP figures for 2022 and 23.
In spite major areas of strength for of headwinds and more tight domestic monetary policy, different international agencies have determined India to be quite possibly of the quickest developing economy in 2023-24, upheld by robust development in private consumption and supported get in private investment.