Budget 2023 | Indian economy growth estimated at 7 percent, says Finance Minister

Gross Domestic Product (GDP) is the total monetary value of all completed goods and services produced as well as sold by a country in a specific period of time — usually measured on a quarterly and yearly-basis. It is an indicator of a country's economic health as well as economic growth. Meanwhile, GDP in current prices, without adjusting inflation, is nominal GDP..

The Reserve Bank of India in its December 2022 Monetary Policy Committee meeting had also projected the GDP growth for the third quarter at 4.4 percent and the fourth at 4.2 percent. It had pared the growth projection for 2022-23 for the third time in December 2022.

In April 2022, the central bank cut the GDP growth estimate from 7.8 percent to 7.2 percent, and further lowered it to 7 percent in September, last year. The GDP growth in the second quarter of the fiscal slowed to 6.3 percent from 13.5 percent in the preceding three months.

On January 6, the National Statistical Office (NSO) estimated the Indian economy to grow at 7 percent in 2022-23, as against the expansion of 8.7 percent in the previous fiscal.

The Indian economy grew by 8.7 percent in the 2021-22 financial year, against a 6.6 percent contraction in the prior fiscal.