Finance Ministry estimates economic growth rate to be seven percent in 2022-23

The country's current account deficit (CAD) is expected to decline in FY2022-23 and 2023-24 on the back of gains from higher service exports, softening oil prices and a recent slowdown in import-intensive consumption demand, according to a Finance Ministry report. Is. This will support the rupee in times of uncertainty. At the same time, the macroeconomic stability will be further strengthened in the financial year 2022-23.

According to the report, the estimate of gross domestic product (GDP) growth in the third quarter of the financial year 2022-23 confirms the Indian economy's ability to grow on the basis of domestic demand. However, global production has slowed down due to increasing global uncertainty. The growth momentum gained in Q3 is expected to be sustained in Q4.

According to the Finance Ministry, inflationary pressure has come down due to fall in international commodity prices and government measures. Wholesale inflation has moderated to a 25-month low. Its positive impact will also be seen on the retail inflation rate. It shows the important data (GST collection, electricity consumption, PMI etc.) for the month of January and February.

It is noteworthy that the retail inflation has come down to 6.44 percent in February, which was 6.52 percent in January. At the same time, the wholesale inflation rate came down to 3.85 percent, which was 4.73 percent in January. The country's economic growth rate stood at 4.4 per cent in the October-December 2022 quarter. Similarly, the GST collection in February 2023 remained above Rs 1.4 lakh crore for the 12th consecutive month.