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Economic Growth Estimates For FY23 In India: Just three weeks from today i.e. on February 1, 2023, the General Budget (Union Budget 2023-24) is going to be presented in the Lok Sabha. For which now preparations have started with great speed. The National Statistical Office of the Modi government at the Center is going to release the first advance estimate of economic growth for 2022-23 on Friday evening.
According to media reports, the First Advance Estimates of National Income for the financial year 2022-23 (FY22-23) are very important, as these figures will be used to prepare the Union Government’s budget for the next financial year 2023-24 (FY23-24). is done to prepare.
Last month, the Reserve Bank of India (RBI) had reduced the country’s gross domestic product (GDP) growth forecast for the current financial year to 6.8 per cent from the earlier 7 per cent. This was done in view of the global financial conditions. The RBI had projected the real GDP growth rate for 2022-23 to be 6.8 percent. The growth rate in the third quarter was expected to be 4.4 percent and the growth rate in the fourth quarter was expected to be 4.2 percent.
It is known that the growth estimate for the current financial year has been revised for the third time in December 2022. The central bank had reduced the GDP growth forecast for April 2022 to 7.2 per cent from 7.8 per cent. Whereas in September 2022 last year, it was further reduced to 7 percent. The International Monetary Fund also reduced India’s growth forecast to 6.8 per cent from the earlier 7.4 per cent.
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