Monitoring Desk
ISLAMABAD: An anonymous source has revealed that India’s yearly pre-budget economic survey is likely to peg the country’s GDP growth at 6-6.8% for 2023-24.
The person, whilst speaking to Reuters said that New Delhi’s is set to reveal the observation that growth for 2023-24 is below the baseline scenario and is likely to be 6.5, which would be the slowest in three years.
The source added that the forecast for nominal growth is likely to be 11% for the 2023-24 fiscal year.
Furthermore, the survey is likely to say that in relation to the majority of global economies, growth in the fiscal year that begins from 1 April will remain strong.
This is due to improved capital spending by corporations, sustained private consumption, and an increase in lending by banks.
Later on 31 January (Tuesday), the economic survey authored by the Indian government’s Chief Economic Adviser V. Anantha Nageswaran will be tabled in the parliament by Finance Minister Nirmala Sitharaman.
Pre-budget economic survey comes day before budget presentation
On 1 February (Wednesday) Sitharaman is scheduled to present the budget for the next financial year.
The government’s review of the past year’s performance of the is called the Economic Survey.
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Despite having rebounded after the worst of the Covid-19 had passed, inflationary pressures have been triggered by the Ukraine conflict, and forced many central banks including that of India to reverse the extremely loose monetary policy that had been adopted during the pandemic.
