This comes as growth takes a hit from weakening demand at home and abroad.
Gross domestic product will grow 7% in the fiscal year ending March, according to the first official estimate released by the Statistics Ministry.
The Indian government uses the advance estimate to decide its spending priorities in the upcoming federal budget on Feb 1, which will also be the last full-year expenditure plan of Prime Minister Narendra Modi’s government before elections in 2024. India had a good start to the current fiscal year, with expectations that pent-up demand will drive recovery in Asia’s third-largest economy. But the optimism quickly faded as an unprecedented monetary policy tightening by central banks to tamp down high inflation is pushing many advanced economies toward a recession, and is tempering growth in others.
Gross value-added, which strips out tax and subsidy transfer payments, is seen growing 6.7%. Manufacturing output is estimated to rise 1.6%, while mining sector is expected to gain 2.4% and agriculture 3.5%.
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