India's government expects economic growth to slow in the financial year ending March, as pandemic-related distortions ease and pent-up demand for goods levels out going into 2023.
Gross domestic product will likely rise 7% this fiscal year, compared with 8.7% the previous year, the Ministry of Statistics said in its first estimate for the period that put manufacturing growth at just 1.6%.
before Prime Minister Narendra Modi is expected to run for a rare third term in elections due in summer 2024.India's economy rebounded after COVID-19 restrictions were eased around mid-2022, but the war in Ukraine has spurred inflationary pressures, prompting the central bank to reverse the ultra-loose monetary policy it adopted during the pandemic.
Construction growth was projected at 9.1%, electricity at 9% and agriculture at 3.5%. Manufacturing and mining growth were forecast at 1.6% and 2.4%. "The nominal GDP growth is higher, implying that the government's fiscal deficit target will be achieved," said Sabnavis." in the world economy, but needs to leverage its existing strength in services exports and extend it to job-rich manufacturing exports, an International Monetary Fund official said on Friday.
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