New Delhi: The Indian economy is estimated to grow at seven percent in 2022-23, as against 8.7 percent in the previous fiscal, mainly due to poor performance of the manufacturing sector, said the National Statistical Office (NSO) on Friday.

Releasing the first advance estimates of National Income for 2022-23, the NSO stated, "Real GDP or GDP at Constant (2011-12) Prices in the year 2022-23 is estimated at Rs 157.60 lakh crore, as against the Provisional Estimate of GDP for the year 2021-22 of Rs 147.36 lakh crore, released on May 31, 2022."

"The growth in real GDP during 2022-23 is estimated at seven percent as compared to 8.7 percent in 2021-22," it stated. The output of the manufacturing sector is estimated to decelerate to 1.6 percent as against a growth of 9.9 percent in FY22.

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