India GDP grew by 9.7% in H1FY23, says Finance Ministry

The Ministry said it could not present the Medium Term Expenditure Framework in Parliament, as mandated by the Fiscal Responsibility and Budget Management Act

India’s gross domestic product growth in the first half of the current fiscal year averaged at 9.7 per cent, the finance ministry said in its mid-year expe¬nditure and revenue state¬ment on Tuesday.

The ministry said it could not present the medium-term expenditure framework (MTEF)¬, as mandated by the Fiscal Respon¬sibility and Budget Manage¬ment Act, because the global macro-economic situation disrupted the government’s projections. “India’s economic growth, measured by growth in GDP at constant prices, has been estimated at 9.7 per cent for the first half (April-September) of FY23, as compared to 13.7 per cent in H1FY22 and 4.7 per cent in