New Delhi: Finance Minister Nirmala Sitharaman released the Economic Survey 2023 to Parliament on Tuesday. According to the survey, India’s GDP growth in FY24 will be 6.5%, while growth in the current fiscal year will be 7%, down from 8.7% in FY22. At this rate, the Indian economy will continue to grow at the fastest rate in the world.
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“The economy has nearly recovered what was lost, re-energised what had slowed during the pandemic,” said the Economic Survey 2022-23 document.
According to the study, nominal GDP growth in the upcoming fiscal year is expected to be 11%, but real GDP growth is expected to range between 6 and 7.8%, depending on regional and international economic and political developments.
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According to the Economic Survey, the increase in FY23 was primarily driven by increased private consumption, higher capital expenditure, improved corporate balance sheets, loan expansion for small businesses, and the return of migrant workers to cities.
It also stated that, while the Reserve Bank of India’s inflation forecast of 6.8% is higher than the central bank’s maximum allowable rate of 6%, it is not high enough to discourage private consumption.
According to Economic Survey, it is also doubtful that FY23 inflation will have a negative impact on investor confidence.