India likely to loose its 'fastest growing economy tag' as growth took hit from weakening demand
India TV NewsIndia's GDP updates: Hit by weakening demand, the Indian economy is expected to grow at a slower 7 per cent rate in the current fiscal ending March 2023, setting the stage for the country losing the fastest-growing major economy tag. The 7 per cent expansion projected in the first official estimate released by the Statistics Ministry compares with 8.7 per cent gross domestic product growth in 2021-22. If the forecast comes true, India's GDP growth will be lower than Saudi Arabia's expected 7.6 per cent expansion. In fact, India's GDP growth in the July-September quarter at 6.3 per cent was lower than the 8.7 per cent of Saudi Arabia. It stated that growth in real GDP during 2022-23 is estimated at 7.0 per cent as compared to 8.7 per cent in 2021-22.