Lagatar24 Desk
New Delhi, Jan 31: The Economic Survey 2022–23 was presented to Parliament on Tuesday by Finance Minister Nirmala Sitharaman. The survey estimated India’s GDP growth in FY24 at 6.5 per cent, while the growth for the ongoing year has been projected at 7 per cent, compared to 8.7 per cent in FY22. The Indian economy will continue to develop at the quickest rate in the world at this rate.
“The economy has nearly recouped what was lost, renewed what had paused; re-energised what had slowed during the pandemic,” said the Economic Survey 2022-23 document.
According to the study, nominal GDP growth is expected to be 11% in the upcoming fiscal year, but real GDP growth is predicted to range between 6 and 7.8%, depending on regional and international economic and political developments.
According to the Economic Survey, the rise in FY23 was principally fueled by private consumption, higher capital expenditure, improved corporate balance sheets, loan expansion for small businesses, and the influx of migrant workers back into cities.
It also stated that although while the inflation forecast from the Reserve Bank of India, at 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.
