Economic Survey 2023: India’s GDP Pegged at 6.68% in FY24

NEW DELHI: Finance Minister Nirmala Sitharaman on Tuesday tabled the Economic Survey 2022-23 in the Parliament as the Budget Session commenced today. Sharing the details of the survey, Ms. Sitharaman also gave a sneak peek into India’s economy in the future.

As per the Economic Survey-a growth of 6.5 percent is forecast in terms of fiscal 2024. “The projection is broadly comparable to the estimate provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI, domestically. The actual outcome for the real GDP growth will probably lie in the range of 6 per cent to 6.8 per cent, depending on the trajectory of economic and political development globally- the survey said.”

The survey also cited limited health and economic fallout for the rest of the world from the current COVID surge in China, leaving supply chains intact in many nations including India.

The Union Budget will for the Modi govt before the 2024 Lok Sabha elections will be presented by the Finance Minister on February 1st. This would be her fifth budget. It is speculated that the income-tax slabs might be tweaked to provide relief to the middle class and increase spending on the lower class providing jobs.

India’s retail inflation came down below 6 percent in November after remaining above RBI’s upper tolerance level for 10 months since January 2022.

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