Bad news for the Modi government on the GDP front, the figure may reach here in 2023
India GDP: There are many estimates of India’s economic growth rate. Along with this, global organizations are paying attention to the fact that India remains the fastest growing economy. Now another global organization United Nations has announced the estimate of India’s economic growth rate. The expectation expressed in this, however, is lower than the figures for the year 2022.
The year in 2023 India GDP of How much will it be?
The United Nations on Wednesday projected that India’s gross domestic product (GDP) could grow by 5.8 per cent in FY2023. High interest rates and global economic slowdown are putting pressure on investment and exports and this will have an impact on India’s economic growth rate. However, the UN expects the country’s economic growth to remain “strong” while the outlook for other South Asian countries is “more challenging”.
The GDP rate of the global economy will fall – United Nations
The ‘Global Economic Situation and Prospects-2023’ report states that global output growth is projected to decline from an estimated 3 per cent in 2022 to 1.9 per cent in 2023, the slowest growth rate in recent decades. The report attributed this to the situation caused by the COVID pandemic and the Russia-Ukraine war, which led to food and energy crises and increased inflation. However, the United Nations (UN) expects the country’s economic growth to remain “strong” while the outlook for other South Asian countries is “more challenging”.
2023 India’s GDP in 2022 will be less than
“Growth in India is expected to be 5.8 per cent, though slightly lower than the projected 6.4 per cent in 2022, as higher interest rates and a global slowdown put pressure on investment and exports,” the report said.
What is the figure of the government
The figure declared by the Government of India for the country’s GDP is lower than before. For the fiscal year 2023, the Government of India has projected an economic growth rate of 7 percent. Last year i.e. in 2021-22 it was 8.7 percent.