Government says economy will see moderate to high growth this fiscal

If the government decides to stick to the 11.1 percent estimate it had in mind, then on a higher base of Rs 236 lakh crore, it will reach Rs 262 lakh crore in terms of nominal GDP, which means it will expand exponentially.

India's Q4 GDP growth slows to 4.1% as economists point that spending pattern is still below pre-pandemic level

V Anantha Nageswaran, Chief Economic Adviser, said that the underlying momentum of the economy remains good because contact services are returning, air travel is picking up, etc.

"So by and large, under the circumstances with so many global headwinds, the economy remains reasonably strong and poised to deliver to moderate to high growth in the 2022-23 financial year," he said.

Ajay Seth, Secretary of Department of Economic Affairs, said the estimates have come up and 8.7 percent is a very credible growth. "These numbers are reflecting that all sectors of the economy are now above the pre-pandemic levels and the growth momentum even in the sectors that are just above the pre-pandemic levels has been very positive," he said, adding that in the Budget they had assumed 7.5 percent GDP and everyone was questioning that. "So that number seems do-able," he said.