State Bank of India (SBI) has upgraded India's real gross domestic product (GDP) growth to 7.5 per cent in FY23 from 7.3 per cent in its recent Ecowrap report. It noted that the economy grew by 8.7 per cent to Rs 147 lakh crore in FY22 and India added Rs 11.8 lakh crore in real terms during the period. Given the high inflation and the subsequent upcoming rate hikes, real GDP will incrementally increase by Rs 11.1 lakh crore in FY23. This still translates into a real GDP growth at 7.5 per cent for FY23. The report noted that nominal GDP for FY22 expanded by Rs 38.6 lakh crore to Rs 237 lakh crore, on-year growth of 19.5 per cent. It further noted that for FY23 also, nominal GDP will grow by 16.1 per cent to Rs 275 lakh crore.
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