Economic Survey: India's GDP estimated to grow 7 pc for financial year ending March 2023
Jan 31, 2023
New Delhi [India], January 31 : Economic Survey for 2022-23 released on Tuesday has forecast India's economy to grow at 6-6.8 per cent for the next fiscal year starting April 1, lower than the 7 per cent (in real terms) projected for the current financial year ending March 2023.
This follows an 8.7 per cent growth in the previous financial year - 2021-22, the survey document said.
Union Finance Minister Nirmala Sitharaman today tabled the Economic Survey for 2022-23 in the Parliament, a day ahead of the national Budget for the next financial year.
President Droupadi Murmu addressed a joint sitting of the two houses of Parliament after which the Economic Survey was tabled first in the Lok Sabha and then in the Rajya Sabha by Union Finance Minister.
The Economic Survey has projected a baseline GDP growth of 6.5 per cent in real terms for the next financial year 2023-24.
The survey document said the projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI.
"The actual outcome for real GDP growth will probably lie in the range of 6.0 per cent to 6.8 per cent, depending on the trajectory of economic and political developments globally," the survey read.
The Economic Survey document, formulated under the supervision of the chief economic adviser V Anantha Nageswaran, will give insights into the state of the economy and various indicators in the current financial year 2022-23 (April-March) and outlook for the next year.
The Economy Survey may also give some idea about the tone and texture of the actual Budget for 2023-24, to be presented on Wednesday.
Budget 2023 is likely to be the last full Budget of the PM Narendra Modi government in its second term with the next Lok Sabha election due in April-May of 2024. Like the previous two Union Budgets, Union Budget 2023-24 will also be delivered in paperless form.
