FY23 GDP growth may not exceed 7%, says CEA V Anantha Nageswaran

The IMF sees FY23 GDP growth at 6.8 per cent compared with 7.4 per cent earlier, while the RBI has cut its forecast to 7 per cent from 7.2 per cent

India’s gross domestic product (GDP) growth for the current fiscal year (FY23) is now expected to be between 6.5 and 7 per cent, Chief Economic Advisor V Anantha Nageswaran said on Monday. This was for the first time a government official said real economic growth may not exceed 7 per cent this fiscal year.

Since the April-June GDP print, a number of agencies, including the International Monetary Fund (IMF) and the Reserve Bank of India, have lowered their GDP forecast for India on the back of uneven pick-up in demand and global headwinds caused by the war in Europe.

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