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Expressing some cautiousness over India’s economic growth, Chief Economic Advisor (CEA) V Anantha Nageswaran has said Indian economy will grow at over 7 per cent in the current fiscal year (FY23), down from above 8 per cent of growth rate projected in January. 

However, he said that the economic momentum and the animal spirits are ‘unmistakable’. He said the world is still undergoing the aftereffects of Covid pandemic and the ongoing war in Europe triggered by Russia’s invasion of Ukraine, suggesting that these factors are hurting growth.

The economic survey released before the annual budget in January this year had estimated FY23 growth to come at 8-8.5 per cent. The RBI had estimated the GDP to grow at 7.2 per cent, but there are some expectation of a downward revision of the estimate soon.