The Economic Survey presented by Finance Minister Nirmala Sitharaman in Parliament depicted a cheerful picture of the Indian economy’s potential. She claimed that not only were the virus outbreak blues over, but the perspective for the coming years is also more positive than in the years before COVID.
Even though there are many uncertainties in the globe and the global economy is weakening, the survey expressed optimism that India’s GDP will increase by 6.5% in the year 2023–24. According to the survey, the Indian economy had been stopping during the COVID time and has now recovered during the year 2022.
Depending on the course of global economic and political developments, the ultimate growth of GDP in India’s figure for 2023–24 might vary from 6% to 6.8%. The range may appear uneven because there is still uncertainty about the exact growth of GDP in the country.
The Survey alerted of several risks for the worsening current account deficit, including slowing exports, an increase in import costs due to high domestic demand, and commodity prices. Monetary and fiscal authorities will also need to remain assertive and diligent on the inflation scene.