Economic Survey pegs GDP growth in the range of 6-6.8% for FY24, slowest in 3 years

The Economic Survey for 2022-23 has projected a GDP growth rate in the range of 6 to 6.8 per cent for the next fiscal 2023-24 (FY24), as against a projected growth of 7 per cent in the current financial year, according to the Economic Survey tabled in the parliament on Tuesday.

The read GDP growth is seen at 7 per cent in the current fiscal and 6.5 per cent for FY24, the economic survey stated.

Meanwhile, base-line nominal GDP growth is projected at 11% for FY24.

This comes on the back of the first advance estimates of the economy projecting a growth of 7 per cent. The International Monetary Fund (IMF) in its outlook has projected a growth of 6.1 per cent for the current fiscal and 6.8 per cent in 2024.

Union Finance Minister Nirmala Sitharaman will present the Union Budget tomorrow. The FM is expected to go for a fresh push for capital expenditure, especially for sectors like railways and roads, as she seeks to ensure that global headwinds don't take a toll on the Indian economy.