Economic survey presented in the Lok Sabha, the growth rate is expected to be 6 to 6.8% in 2023-24

All eyes are now on the Union Budget. But before the Union Budget, the Finance Minister presented the Economic Survey 2022-23 in the Parliament. GDP growth is pegged at 6-6.8 per cent, the lowest in three years, in the next fiscal due to macroeconomic challenges. Nevertheless, this is an optimistic estimate and India’s economy is pegged as the fastest growing economy. Presenting the Economic Survey 2022-23 in Parliament, Finance Minister Nirmala Sitharaman said that the FY24 GDP growth rate was seen at 6-6.8%. If the CAD increases further, the rupee may come under pressure. Strong domestic demand amid higher prices will push up the import bill. Domestic demand, capital expenditure will increase to support growth.

The growth rate in the last financial year was 8.7 percent. Finance Minister Nirmala Sitharaman said credit growth is likely to accelerate in FY24 if inflation moderates in FY2024 and if the real cost of credit does not increase. India will continue to be the fastest growing economy in the world. Inflation of 6.8 per cent for the current financial year is not high enough to curtail private consumption or low enough to curtail investment. India is the world’s 3rd largest economy in terms of PPP (Purchasing Power Parity), 5th largest economy in the world in terms of exchange rate.