India’s GDP Growth Forecast FY22 and FY23 by various Financial Organizations

India’s GDP Growth Forecast  various Financial Organizations: Financial year 2022 and 2023 (Last Update-3 Dec 2022) 

Here we are providing the list of the organization who have forecast India’s GDP (Gross domestic Product) for the Financial Year 2022 and FY 2023. GDP Forecast is one of the most important topic for in Competitive exams. GDP Forecast questions asked in GA/GK Section. You can check the GDP Forecast from the below table.


Organization 2022-23 2023-24
World Bank Global Economic

Prospect 2022

4.1% 3.2%
IMF World Economic Outlook 2022 3.6% 3.6%
UN WESP 2022 3.1% 3.1%
OECD 4.4% 3.2%
Morgan Stanley 2.9% 3.5%
S&P Ratings 2.7% 2.6%
Fitch Ratings ‘Global Economic

Outlook – March 2022’

3.5% 2.8%



Organization FY22 (2021-22) FY23 (2022-23)
Fitch 8.4%  7% (7%, 2023-24)
HSBC Bank 11.2%
RBI forecasted 9.5% 7% (6.3%, 2023-24)
Moody 8.8% for calendar year 2022  7%
Asian Development Bank (ADB) 7% (8%, 2023-24)
World Bank  8.3% 6.5% (6.8%,2023-24)
World Economic Outlook released by International Monetary Fund (IMF) 9% 6.8%(6.9%. 2023-24)
FICCI 9.1%  7.4%
Organisation for Economic Co-operation and Development (OECD) 9.4%  6.6% for FY23

5.7% For FY24

Goldman Sachs 9.1% 6.9% (2022),5.9% (2023)
CRISIL 9.5% 7% (6% FY24)
UN (United Nation) 4.6% 6.4% (6%, 2023-24)
Confederation of Indian Industry (CII) 9.5%
India Ratings & Research (Ind-Ra) 8.6% 7-7.2%
Economy Survey 11%  8-8.5%
National Council of Applied Economic Research (NCAER)
Standard & Poor’s (S&P) 9.5% 7% (6.5%,2023-24)
ICRA 8.5% 7.2%
State Bank of India (SBI) 6.8%
Morgan Stanley  10.5%  7.2% (6.7%,2023-24)
CARE Ratings 8.8 to 9%
Normura 10.8% 4.7%
Oxford Economics 10.2%
Brickwork Ratings 8.3% 8-8.5% (1 Feb 2022)
UBS  9.1%
National Statistical Office (NSO) 8.9%
Barclays 7.7%
BofA Securities 9%


India’s GDP Growth Forecast by various Financial Organizations FAQs

Q. What does GDP stands for?

Ans. GDP stands for Gross Domestic Product.

Q. What is GDP?

Ans. Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.

Q. How is GDP calculated?

Ans. GDP = private consumption + gross investment + government investment + government spending + (exports – imports).

Q. Who is responsible for calculating the GDP of India?

Ans. The Central Statistics Office (CSO), under the Ministry of Statistics and Program Implementation, is responsible for calculating the GDP of India, macroeconomic data gathering, and statistical record keeping.

Q. What is Calendar Year (CY)?

Ans. A calendar year is a one-year period that begins on January 1 and ends on December 31, based on the commonly-used Gregorian calendar.

Q. What is Fiscal Year / Financial Year (FY)?

Ans. A fiscal year can start and end at any point during the year, as long as it comprises a full 12 months, if it starts on January 1 then it ends on December 31. In India, this 1 year period starts from 1st April and ends on 31st March.

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