According to the Economic Survey presented to the Parliament on January 31, 2022, the real GDP was expected to increase by 8.0–8.5% between 2022 and 2023. The IMF predicted that India’s real GDP will rise by 8.2% between 2022 and 2023 in its April 2022 edition of the World Economic Outlook.
”Since then, sustained growth momentum has been observed in several High Frequency Indicators (HFIs), indicating that the projected growth path is on course in the first quarter of FY 2022-23,” minister of state for finance Pankaj Chaudhary said in a written reply to Rajya Sabha.
He said that the government has taken a number of measures to manage rising inflation imported from abroad in order to maintain growth momentum.
He listed a few that would likely reduce inflationary pressures, such as a reduction in the excise duty on gasoline and diesel as well as a special excise charge or cess on the export of gasoline, diesel, and aviation turbine fuel.
Furthermore, he claimed that the RBI increased the repo rate by 50 basis points in June, on top of the 40 basis points that had already been raised in May 2022, in order to control inflation.
Regarding the effect of geopolitical unrest on the Indian economy, he claimed that the Russia-Ukraine war had caused supply disruptions that had sharply increased the price of commodities such as crude oil, gas, edible oils, and fertilisers, among others.
He stated that based on the implied exchange rate for India for 2021–2022 from the World Economic Outlook (WEO) of April 2022, the GDP for India in 2021–2022 was USD 3.2 trillion at current prices.