7% growth forecast for current fiscal close to reality: CEA

Chief Economic Advisor (CEA) V Ananth Nageswaran has said that the Indian economy will need to grow at 5-5.1 per cent in the March quarter to achieve seven per cent economic growth in the financial year 2022-23. Nageswaran said this on Tuesday after the figures of the third quarter of the gross domestic product (GDP) growth rate of the current financial year came. Nageswaran said the seven per cent growth forecast for the current fiscal is achievable.

He said there are enough indications that the manufacturing sector is in good health, but the country has to be prepared to deal with El Niño and weather-related uncertainties. He said that to achieve an annual growth rate of seven per cent, a growth rate of 5-5.1 per cent is needed in the fourth quarter. In the June quarter of the current financial year, the Indian economy had grown at a rate of 19.5 percent. The growth rate in the September quarter was 23.9 percent. According to the data released by the National Statistical Office (NSO) on Tuesday, the growth rate slowed down to 4.4 per cent in the October-December quarter.

The deceleration in the growth rate is mainly due to the decline in the manufacturing sector. Manufacturing sector output declined by 1.1 percent in the third quarter. However, Nageswaran said, “The health of the manufacturing sector is good. Good growth is being seen in the figures of various sectors. ”He said that the export of goods and services is estimated to reach $ 750 billion in the current financial year. It was $680 billion in the last financial year.

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