The survey, tabled by Finance Minister Nirmala Sitharaman in Parliament ahead of the annual budget on Wednesday, is mainly the government’s review of how the economy fared in the past year.
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New Delhi: The government of India today tabled the Economic Survey on the occasion of Budget Session 2023. The final draft of the Union Budget 2023-24 will be presented by Finance Minister Nirmala Sitharaman in Parliament tomorrow, 1 February 2023. As per the Economic Survey, the Indian economy is projected to grow between 6 per cent to 6.8 per cent in the financial year starting 1 April 2023, down from the 7 per cent that was projected for the current year.
The Economic Survey report has set the baseline scenario for growth for 2023/24 as 6.5 per cent, with nominal growth, which accounts for inflation, forecast at 11 per cent.
The survey, tabled by Finance Minister Nirmala Sitharaman in parliament ahead of the annual budget on Wednesday, is mainly the government’s review of how the economy fared in the past year.
Even though Indian 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 adopted during the pandemic.
According to the Economic Survey, the pace of price increases is not high enough to deter private consumption or low enough to weaken investment, even though it remained above the central bank’s inflation target in 2022/23.
