Economy to grow 7.5% in FY23, will be world's fastest growing

India’s real gross domestic product is growing 7.5 per cent in current fiscal year (FY23). It is expecting growth of 7.5 per cent this year, which will make the fastest-growing major economy addressed by the prime minister in the BRICS Business Forum. BRICS stands for the international grouping of emerging economies Brazil, Russia, India, China, and South Africa. The role of the BRICS nations is more important than ever before in the post covid world. This is the first time a real GDP growth projection has been given for the year by the government in the ongoing current financial year.

The Union Budget gives out the nominal GDP figure, and the government usually goes by the Reserve Bank of India’s real GDP projection, which stands at 7.2 per cent for FY23. The Prime Minister also state that Government has brought transformative changes to enable technology led growth in space, new economy, green energy and data sector.

Prime Minister also state that even during the covid pandemic, steps were taken by the Centre to improve the ease of doing business by reducing the compliance burden on companies. He invited businesses from BRICS nations to invest in India’s $1.5-trillion National Infrastructure Pipeline.