The finance ministry’s released its annual Economic Survey and Finance Minister Nirmala Sitharaman presented it to parliament on Tuesday, a day before she is set to unveil the government’s budget for the coming fiscal year.
The economic growth forecast for 2023/24 is higher than the International Monetary Fund’s projection of 6.1%, as the finance ministry expects the global weakness will be partially offset by strong domestic demand.
The report, prepared by Chief Economic Adviser V Anantha Nageswaran, said its baseline scenario was for 6.5% growth in 2023/24, which would still make India one of the fastest growing economies.
“The actual outcome for real GDP growth will probably lie in the range of 6.0% to 6.8%, depending on the trajectory of economic and political developments globally,” it said.
For India, on balance, a modest slowdown in global growth would be beneficial as it would help bring down commodity prices and ease inflation concerns,…
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