<p>Chief Economic Advisor V Anantha Nageswaran on Tuesday said India needs to grow at 5-5.1 per cent in the March quarter to achieve 7 per cent real GDP growth rate for the full financial year.</p>.<p>He also said the growth forecast of 7 per cent is "very realistic".</p>.<p>According to him, there are enough signs that manufacturing is in good health, but India has to be prepared to deal with El Nino and weather-related uncertainties.</p>.<p>"... the growth rate that we need to achieve in the fourth quarter is roughly at 5-5.1 per cent to be able to hit a 7 per cent real GDP growth.</p>.<p><strong>Also Read |<a href="https://www.deccanherald.com/national/indias-gdp-growth-slows-to-44-in-q3-economy-to-expand-at-7-in-fy23-1195890.html" target="_blank"> India's GDP growth slows to 4.4% in Q3; economy to expand at 7% in FY23</a></strong></p>.<p>"The trends that we have in terms of high frequency data for 2022-23 for fourth quarter do indicate that achieving that growth rate in Q4 is well within the realm of possibility and therefore the 7 per cent real GDP growth estimate for 2022-23 is very realistic," Nageswaran told reporters.</p>.<p>In the current fiscal, the Indian economy grew 19.5 per cent and 23.9 per cent in June and September quarters, respectively.</p>.<p>The growth slowed to 4.4 per cent in the October-December quarter, mainly due to a contraction in the manufacturing sector, as per the data released by the National Statistical Office (NSO) on Tuesday.</p>.<p>The manufacturing sector's output, as per the gross value added in the third quarter of this fiscal, contracted 1.1 per cent compared to a growth of 1.3 per cent in the year-ago period.</p>.<p>Nageswaran, however, said, "manufacturing sector is in good health. Core sector data and high frequency indicators show continued growth momentum".</p>.<p>The Finance Ministry's Economic Survey has projected economic growth to be 6.5 per cent in the 2023-24 fiscal beginning April 2023.</p>.<p>Downside risks dominates the 6.5 per cent growth forecast for next fiscal, he said, adding "no big ticket shock is expected in the next fiscal".</p>.<p>Nageswaran also said the merchandise exports of goods and services is expected to be $750 billion in the current fiscal, up from USD 680 billion the last financial year.</p>
<p>Chief Economic Advisor V Anantha Nageswaran on Tuesday said India needs to grow at 5-5.1 per cent in the March quarter to achieve 7 per cent real GDP growth rate for the full financial year.</p>.<p>He also said the growth forecast of 7 per cent is "very realistic".</p>.<p>According to him, there are enough signs that manufacturing is in good health, but India has to be prepared to deal with El Nino and weather-related uncertainties.</p>.<p>"... the growth rate that we need to achieve in the fourth quarter is roughly at 5-5.1 per cent to be able to hit a 7 per cent real GDP growth.</p>.<p><strong>Also Read |<a href="https://www.deccanherald.com/national/indias-gdp-growth-slows-to-44-in-q3-economy-to-expand-at-7-in-fy23-1195890.html" target="_blank"> India's GDP growth slows to 4.4% in Q3; economy to expand at 7% in FY23</a></strong></p>.<p>"The trends that we have in terms of high frequency data for 2022-23 for fourth quarter do indicate that achieving that growth rate in Q4 is well within the realm of possibility and therefore the 7 per cent real GDP growth estimate for 2022-23 is very realistic," Nageswaran told reporters.</p>.<p>In the current fiscal, the Indian economy grew 19.5 per cent and 23.9 per cent in June and September quarters, respectively.</p>.<p>The growth slowed to 4.4 per cent in the October-December quarter, mainly due to a contraction in the manufacturing sector, as per the data released by the National Statistical Office (NSO) on Tuesday.</p>.<p>The manufacturing sector's output, as per the gross value added in the third quarter of this fiscal, contracted 1.1 per cent compared to a growth of 1.3 per cent in the year-ago period.</p>.<p>Nageswaran, however, said, "manufacturing sector is in good health. Core sector data and high frequency indicators show continued growth momentum".</p>.<p>The Finance Ministry's Economic Survey has projected economic growth to be 6.5 per cent in the 2023-24 fiscal beginning April 2023.</p>.<p>Downside risks dominates the 6.5 per cent growth forecast for next fiscal, he said, adding "no big ticket shock is expected in the next fiscal".</p>.<p>Nageswaran also said the merchandise exports of goods and services is expected to be $750 billion in the current fiscal, up from USD 680 billion the last financial year.</p>