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Business News/ Economy / Economic Survey likely to peg India's FY24 GDP growth at 6-6.8%
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Economic Survey likely to peg India's FY24 GDP growth at 6-6.8%

Highlighting the state of the economy in the current fiscal 2022-23, the government survey is expected to say that growth is seen at 6.5% for FY24 under the baseline scenario

In her previous budget speech in February, finance minister Nirmala Sitharaman raised the amount of special assistance by about 900% for 2022-23 from the budget estimate (BE) of ₹10,000 crore in 2021-22 (PTI) (HT_PRINT)Premium
In her previous budget speech in February, finance minister Nirmala Sitharaman raised the amount of special assistance by about 900% for 2022-23 from the budget estimate (BE) of 10,000 crore in 2021-22 (PTI) (HT_PRINT)

The Economic Survey 2022-23 (FY23), which will be tabled a day before the Union Budget 2023-24 (FY24), is likely to peg India's real gross domestic product (GDP) growth at 6-6.8% for 2023-24.

Highlighting the state of the economy in the current fiscal 2022-23, the government survey is expected to say that growth is seen at 6.5% for FY24 under the baseline scenario. 

Meanwhile, nominal growth is likely to be forecast at 11% for 2023-24, according to a report.

It will be formulated under the supervision of Chief Economic Advisor (CEA), V Anantha Nageswaran.

Growth will remain strong in the financial year beginning April 1 led by a pick-up in lending by banks and improved capital spending by corporations, the survey will likely say, the report added.

The Economic Survey will be tabled on Tuesday after the President's address.

The survey will outline the state of the Indian economy for the current fiscal and the outlook for the next financial year.

Union Finance Minister Nirmala Sitharaman will table the pre-Budget Economic Survey. Later, CEA Nageswaran will hold a press conference along with other senior officials of the finance ministry.

India's economy has rebounded since the COVID-19 pandemic, but the Russia-Ukraine conflict has triggered inflationary pressures and prompted central banks, including India's, to reverse the ultra-loose monetary policy they adopted during the pandemic.

The survey will likely caution that pressure on the Indian rupee could continue due to the tightening of monetary policy, the source said. India's current account deficit (CAD) may also remain elevated as imports could remain high due to a strong local economy while exports ease due to weakness in the global economy, the survey will likely caution.

India's CAD was 4.4% of GDP in the July-September quarter, higher than 2.2% a quarter ago and 1.3% a year ago, as rising commodity prices and a weak rupee increased the trade gap.

Even a growth of 6.5% could keep India among the fastest growing economies in the world, despite losing pace from an estimated 7% in the current fiscal year that ends on March 31. It has grown at 8.7% in the previous year mainly due to pandemic-related distortions.

With agency inputs

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Published: 30 Jan 2023, 10:54 PM IST
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