India is anticipated to grow by 7% in FY23, but the outlook will be hampered by global uncertainty and spiralling inflation.

Global uncertainty and soaring inflation will have a negative impact on the forecast in the upcoming quarter. The output of the agriculture sector may also be impacted by the El Nino influence at the same time.
India published their estimated GDP numbers for the three months ending in December 2022. In line with our prediction (4.5% YoY), the economy expanded at a rate of 4.4% year over year. Despite the fact that this fiscal quarter was weak, the government considerably altered the statistics from the previous three years, which gave this year’s growth predictions a stronger foundation. GDP growth was increased for the fiscal year 2021–2022 by 0.4 percentage points, from 8.7% to 9.1%. The greater than anticipated rise in manufacturing and construction activities was a major factor in the upward revision.
According to the most recent data, private consumer spending made up the greatest portion of GDP and has been steadily rising over the past three quarters. Due to the holiday season, the Oct.–Dec. quarter often exhibits a seasonal peak; however, this year it defied the norm. It’s probable that this was caused by this quarter’s greater inflation rate than in previous quarters. The impact of the season was not reflected in the consumption expenditure.
This News is Written by Miss. Ankita, Associate, All India Legal Forum .