India can look for another year of solid economic performance: CEA

Enthused by higher than expected GDP number in the fourth quarter of FY23, Chief Economic Adviser V Anantha Nageswaran on Wednesday said India can look for another year of solid economic performance.

India's economy grew by 6.1 per cent in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors.

Briefing media on the quarterly number, the CEA said the risk to the projected 6.5 per cent GDP number is evenly balanced and there is a good chance of this number may be exceeded in the current fiscal.

"So, we are very pleased to have been able to present a story of sustained economic momentum combined with macroeconomic, financial and fiscal stability, and we look forward to another year of solid economic performance by India," he said.

Last week, Reserve Bank Governor Shaktikanta Das said the growth for 2022-23 is expected to be more than the advance estimate of 7 per cent.

As per the second advance estimate released by the National Statistical Office (NSO) in February, the economy was estimated to grow at 7 per cent in 2022-23 against 8.7 per cent in the preceding fiscal.