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Business News/ Economy / PM's top economic council meets, expects India's FY23 GDP growth to be 7-7.5%
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PM's top economic council meets, expects India's FY23 GDP growth to be 7-7.5%

The Economic Advisory Council in its meeting looked at the growth prospects of India's economy in 2022-23 and beyond

Demonetisation and GST disrupted the Indian economy, so much so that GDP growth fell to 5.7% in the April-June 2017. Photo: MintPremium
Demonetisation and GST disrupted the Indian economy, so much so that GDP growth fell to 5.7% in the April-June 2017. Photo: Mint

The Economic Advisory Council to the Prime Minister (EAC-PM) has met today in Delhi, where the members of the council looked at the growth prospects of India's economy in 2022-23 and beyond

The members were optimistic about real and nominal growth prospects in 2022-23.

"Other than an element of the base effect, the contact intensive sectors and construction should recover in 2022-23. Once capacity utilization improves, private investments should also recover. Therefore, Members felt a real rate of growth of 7 to 7.5% and a nominal rate of growth of more than 11% in 2022-23 was likely," according to an official statement.

However, the EAC said, it should not mean that the Union Budget for 2022-23 should project unrealistically high tax revenue or tax buoyancy numbers. The Union Budget for 2021-22 was applauded because of reform measures, as well as transparency and realism in the numbers.

EAC-PM Members were of the view that these dimensions should be carried forward into the 2022-23 Budget too, signalling use of the extra revenue in the form of capital expenditure and human capital expenditure, since Covid has led to a human capital deficit.

"There should also be a clear road-map for privatization and the growth orientation of last year’s Budget should also be maintained."

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Published: 18 Nov 2021, 05:52 PM IST
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