Economic Survey 2023: FM Sitharaman presents economic survey, forecasts 6.5% GDP growth in FY24

Economic Survey 2023: India’s economic growth has been pegged at 6.5 per cent in 2023-24, compared to 7 per cent this fiscal and 8.7 per cent in 2021-22, highlighted Finance Minister Nirmala Sitharaman while presenting the Economic Survey 2023 on Tuesday.

India will remain the fastest-growing major economy in the world, the Finance Minister highlighted while presenting the Economic Survey.

Real GDP growth is likely to be in the range of 6-6.8 per cent the next fiscal, as per the Economic Survey. 

The finance minister highlighted the fact that private consumption has played an important role in India's growth. India has become the third largest economy in PPP (purchasing power parity) terms, fifth largest in terms of the exchange rate, asserted Nirmala Sitharaman. 

“Economy has nearly "recouped" what was lost, "renewed" what had paused, and "energised" what had slowed during the pandemic and since the conflict in Europe,” added the Finance Minister. 

While talking about inflation and other economic crisis that the country has faced in the past few years, Sitharaman said that borrowing cost may remain 'higher for longer' and entrenched inflation may prolong the tightening cycle.

The ministry stressed on the fact thtat the government’s Capex-led growth strategy will enable India to keep the growth-interest rate differential positive, leading to a sustainable debt to GDP in the medium run.  
 

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