Indian Economy to Cross 7 Per Cent Growth in 2023: SBI Report

New Delhi: The Indian economy is expected to surpass 7 per cent growth rate in Fiscal Year 2023, said a report released by the State Bank of India.  The manufacturing industry will be the key driver of this growth.

State Bank of India’s research report, Ecowrap was released on Friday. According to this report, India’s growth in the fourth quarter of FY23 is likely to be 5.5 per cent and with it India’s growth for FY23 would be 7.1 per cent.

The National Statistical Office (NSO) in January predicted growth for the year ending on March 31, 2023, at 7 per cent.

Locally, domestic consumption and investment stand to benefit from stronger prospects for agricultural and allied activities, strengthening business and consumer confidence, and strong credit growth while supply responses and cost conditions are poised to improve as inflationary pressure is easing, the SBI report said.