What will India's growth story be in FY23? A look at top economists' views

In the backdrop of soaring inflation across the world, the big concern for major economies is to push growth. And India is no different. The Reserve Bank of India (RBI) and the government, in this endeavour, are leaving no stone unturned in curbing inflation. But various economists have different viewpoints as far India’s GDP growth forecasts are concerned. Here is what well-known economists think about India’s growth rate in FY23.

Subhash Chandra Garg, Former Secretary, Government of India

According to Subhash Chandra Garg, Former Secretary, India is going to witness growth of around 7 per cent in FY23 and he believes that even in FY24 the growth is going to be somewhere around 7 per cent only.

“So, my sense is that in FY23 will probably grow at about 7 per cent. And, in FY24 also we will probably grow around 7 per cent. That would be an optimistic kind of estimate unless we have policy blunders,” Garg said.

Yuvika Singhal, Economist, QuantEco

Singhal believes that in FY23 the nation is going to witness a growth of 7 per cent.  “I think we ourselves started the year at 7.5 per cent. In two rounds, we have downgraded our growth assessment for FY23. Now we are at 7 per cent. So first, we slashed it to 7.2. And then we reduce it further to 7 per cent,” Singhal said. She added that exports and inflation as the major downside risk to India’s growth.

Ashok Gulati, Professor, ICRIER

According to him, if the economy is managed well then the inflation can come down to 6.5 per cent, otherwise average is going to be 7.5 per cent, especially food prices.

“But there are remote chances of attaining this level of growth,” he adds further. To attain good growth and control inflation, “the government should manage subsidies well which is loosely manages as of now,” Gulati cautioned.  

N R Bhanumurthy, Vice Chancellor, BR Ambedkar School of Economics

Bhanumurthy, a well-known economist, also believes that going forward India should be able to achieve growth of 7 per cent. However, Bhanumurthy cautions that the downside risk for that growth would be how global demand for domestic commodities are going to sustain. Moreover, last year, India witnessed exports of over $420 billion and economists fear this export growth is difficult to sustain this year in view of the present macroeconomic climate.

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