According to the updated export data on the DGFT website, the rate of decline in exports for March 2023 has decreased from the previously reported 14% to 6%. This change occurred within a month of data revision, resulting in a ~60% reduction in the export decline rate for March.
The economists and statisticians at the National Accounts Division of the CSO have a challenging task ahead of them. They need to release the third revision of the Indian economy's 2022-23 GDP on May 31, 2023. This is challenging because a small, even 1%, estimation error in their previous GDP can significantly affect the reported 7% growth for 2022-23. However, rest assured that the upcoming revision in the GDP growth figure will likely be very close to the previously released growth and will not be at either extreme, as highlighted in the table below.
