Economic Survey forecasts Indian economy to grow 6 to 6.8 per cent in FY2023
- India's economic growth next fiscal year will still be the fastest among major economies.
- Economic Survey 2023 has highlighted that India is the fifth largest economy in terms of the exchange rate
New Delhi: The economic survey tabled by Finance Minister Nirmala Sitharaman in the Parliament today forecast Indian economy will grow 6 to 6.8 per cent in the next financial year starting April 1, down from 7 per cent projected for the current year, as a global slowdown is likely to hurt its exports. That reading is higher than the International Monetary Fund’s projection for 6.1 per...
New Delhi: The economic survey tabled by Finance Minister Nirmala Sitharaman in the Parliament today forecast Indian economy will grow 6 to 6.8 per cent in the next financial year starting April 1, down from 7 per cent projected for the current year, as a global slowdown is likely to hurt its exports.
That reading is higher than the International Monetary Fund’s projection for 6.1 per cent growth
At that pace, India's economic growth next fiscal year will still be the fastest among major economies. The survey report said its baseline scenario for growth for 2023/24 was 6.5 per cent, with nominal growth, which accounts for inflation, forecast at 11 per ecnt.
The survey is mainly the government's review of how the economy fared in the past year. India’s economy will likely slow for a second straight year due to tightening financial conditions and supply chains disruptions from a prolonged war in Europe.
Economic Survey 2023 has highlighted that India is the fifth largest economy in terms of the exchange rate and the third largest in terms of purchasing power parity.
The Survey is confident that India has sufficient foreign exchange reserves to finance its Current Account Deficit (CAD) and intervene in forex market to manage rupee volatility.