Economic Survey 2023-24: India’s GDP to grow at 6.5-7% in current financial year
The Hindu
Economic Survey 2023-24 projects India's economy to grow at 6.5% to 7% in FY ending March 2025.
India’s economy will grow at 6.5% to 7% in the current financial year ending March 2025, the Economic Survey 2023-24 said on July 22, projecting growth at below 7.2% forecast by the Reserve Bank of India (RBI).
The growth projection in the annual report, tabled in parliament by Finance Minister Nirmala Sitharaman ahead of the Union budget on Tuesday, is also lower compared to 8.2% growth in the previous year, and the upwardly revised estimates of 6.8% to 7.2% by private economists and rating agencies.
Economic Survey 2023-24 updates
The report on the state of economy, authored by Chief Economic Adviser V. Anantha Nageswaran and his team in the Finance Ministry, said that with risks evenly balanced, there could be slower growth in private investments.
“Private capital formation after good growth in the last three years may turn slightly more cautious because of fears of cheaper imports from countries that have excess capacity,” it said.
The Indian economy has consolidated its post-Covid recovery with policymakers — fiscal and monetary — ensuring economic and financial stability, the 476-page Economic Survey document said in its initial remarks. It asserted that the economy continues to expand.
However, indicating global volatility, the Survey document asserted that change is the only constant for a country with high growth aspirations.