When the October-December quarter official gross domestic product (GDP) growth figures came in at 4.4 per cent – below market expectations – it cast some doubts over whether the economy would grow at 7 per cent in the current financial year (FY23), which was the official advance estimate by the National Statistical Office.
Chief Economic Advisor V Anantha Nageswaran had said that to get to 7 per cent GDP growth in FY23, the January-March quarter (Q4) will have to register a 5.1 per cent real GDP growth. “Even if we get 4.4 per cent in Q4, the same as Q3, the growth for FY23 will be 6.8 per cent, which is well within the statistical margin of error,” he had said.
Nageswaran had also argued that the October-December (Q3) headline print would be revised upwards as many high-frequency indicators had shown strong year-on-year growth. Business Standard had, in an earlier piece, taken a l
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