India's GDP (gross domestic product) may grow 7% for financial year 2022-23, according to the first advance estimates released by the government Friday evening. The figures assume significance as they come ahead of the presentation of General Budget in Lok Sabha on 1 February, 2023. India's GDP had grown at 8.7% in the year ending 31 March, 2022.

Earlier this year, economists cut their projections for India's growth for this fiscal year to around the latest government projection, citing slowing exports and risks of high inflation crimping purchasing power.

Despite that, India is expected to remain the second-fastest growing economy –- lagging only Saudi Arabia -– among G20 countries, according to the Organisation of Economic Co-operation and Development (OECD).

India is in a relative "bright spot" in the world economy, but needs to leverage its existing strength in services exports and extend it to job-rich manufacturing exports, International Monetary Fund (IMF) Deputy Managing Director Antoinette Sayeh said today.

The IMF too had reduced India’s growth prediction for FY23 to 6.8% from 7.4% projected in July 2022.