India’s GDP growth forecast by different financial organisations: India’s GDP growth projection is one of the most important topics for various competitive examinations. The current Affairs or General Awareness Section often asks GDP growth forecast percentage questions. Here we are providing a list of the significant financial organization that has forecasted India’s GDP (Gross Domestic Product) for the Financial Year 2022 and FY 2023.
Last Updates October 2022
India’s GDP growth forecast by various financial organizations
NSO GDP forecast for India
• FY22 (2021-22) ➥ 8.9%
NSO stands for National Statistical Office
Fitch GDP forecast for India
• FY22 (2021-22) ➥ 8.4%
• FY23 (2022-23) ➥ 7%
• FY24 (2023-24) ➥ 7%
RBI GDP forecast for India
• FY22 (2021-22) ➥ 9.5%
• FY23 (2022-23) ➥ 7%
• FY24 (2023-24) ➥ 6.3%
Also, See Schemes and initiatives by various Bank 2022
Moody GDP forecast for India
• For calendar year 2022 ➥ 8.8%
• For calendar year 2023 ➥ 5.4%
ADB GDP forecast for India
• FY23 (2022-23) ➥7%
• FY24 (2023-24) ➥ 8%
• ADB stands for Asian Development Bank
World Bank GDP forecast for India
• FY22 (2021-22) ➥ 8.3%
• FY23 (2022-23) ➥ 6.5%
• FY24 (2023-24) ➥ 6.8%
IMF GDP forecast for India
• FY22 (2021-22) ➥ 9%
• FY23 (2022-23) ➥ 7.4%
• FY24 (2023-24) ➥ 6.9%
FICCI GDP forecast for India
• FY22 (2021-22) ➥ 9.1%
• FY23 (2022-23) ➥ 7.4%
OECD GDP forecast for India
• FY22 (2021-22) ➥ 9.4%
• FY23 (2022-23) ➥ 6.9%
• FY24 (2023-24) ➥ 5.5%
Goldman Sachs GDP forecast for India
• FY22 (2021-22) ➥ 9.1%
CRISIL GDP forecast for India
• FY22 (2021-22) ➥ 9.5%
• FY23 (2022-23) ➥ 7.3%
UN (United Nations) GDP forecast for India
• FY22 (2021-22) ➥ 4.6%
• FY23 (2022-23) ➥ 6.4%
• FY24 (2023-24) ➥ 6%
CII (Confederation of Indian Industry) GDP forecast for India
• FY22 (2021-22) ➥ 9.5%
India Ratings & Research (Ind-Ra) GDP forecast for India
• FY22 (2021-22) ➥ 8.6%
• FY23 (2022-23) ➥ 7-7.2%
Economy Survey GDP forecast for India
• FY22 (2021-22) ➥ 11%
• FY23 (2022-23) ➥ 8-8.5%
Standard & Poor’s (S&P) GDP forecast for India
• FY22 (2021-22) ➥ 9.5%
• FY23 (2022-23) ➥ 7.3%
• FY24 (2023-24) ➥ 6.5%
ICRA (Investment Information and Credit Rating Agency) GDP forecast for India
• FY22 (2021-22) ➥ 8.5%
• FY23 (2022-23) ➥ 7.2%
SBI (State Bank of India) GDP forecast for India
• FY22 (2022-23) ➥ 6.8%
Morgan Stanley GDP forecast for India
• FY22 (2021-22) ➥ 10.5%
• FY23 (2022-23) ➥ 7.2%
• FY24 (2023-24) ➥ 6.7%
CARE Rating GDP forecast for India
• FY22 (2021-22) ➥ 8.8 to 9%
Nomura GDP forecast for India
• FY22 (2021-22) ➥ 10.8%
• FY22 (2022-23) ➥ 4.7%
Oxford Economics forecast for India
• FY22 (2021-22) ➥ 10.2%
HSBC Bank GDP forecast for India
• FY22 (2021-22) ➥ 11.2%
Frequently Asked Questions (FAQ)
Q1. What is the Fiscal Year or Financial Year (FY)?
Ans. A financial year can begin and end at any time of the year, unless it consists of a full 12 months, for example, if it begins on 1 January then it must end on 31 December. In India, this 1-year period starts from 1st April and ends on 31st March.
Q2. What is Calendar Year (CY)?
Ans. A calendar year is a one-year period that begins on 1 January and ends on 31 December, based on the commonly used Gregorian calendar.
Q3. What does GDP stand for?
Ans. GDP stands for Gross Domestic Product.
Q4. What is GDP?
Ans. Gross Domestic Product (GDP) is the total monetary or market value of all finished goods and services produced within a country’s borders over a particular period of time.
Q5. How is GDP calculated?
Ans. GDP = private consumption + gross private investment + government investment + government spending + (exports – imports).
Q6. Who is responsible for calculating the GDP of India?
Ans. The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for calculating the GDP of India.
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