Centre sees economic growth in FY23 at 6.5%
The pace is slower than the Reserve Bank of India’s latest projection of 7% GDP growth. In fact, the Centre expects growth to slow down further in 2023-24 amid global recession fears, making budget-making for FY24 even more challenging for policymakers.
Slowing growth may prompt finance minister Nirmala Sitharaman to balance laying a road map for fiscal consolidation with growth-stimulating measures in the coming budget, expected to be announced on 1 February. It will be this government’s last full budget before the 2024 general election.
View Full Image
“We are expecting real GDP growth for FY23 at 6.5%, given the challenging global economic environment. Nominal GDP will be close to 14%, with retail inflation hovering around 7% and wholesale inflation at 10%… However, the big challenge is not growth or…