GDP for FY23 calls for guarded optimism

India’s economy has continued to perform relatively well in FY23 compared to other emerging and advanced countries and this is getting reflected in the gross domestic product (GDP) data. According to the Advance Estimate released by the statistics and programme implementation ministry, the Indian economy has grown by 7 per cent in FY23. While the growth is lower than 8.7 per cent GDP growth recorded in FY22, that’s mainly because the base effect had statistically pushed up the FY22 growth. In the second half of FY23, the economy is estimated to grow by 4.5 per cent. Again, while this is