The Economic Survey 2023 fiscal might predict the gross domestic product GDP for the next financial year could be somewhere between 6 and 6.8 per cent, sources told Business Today on Tuesday ahead of the Budget Session that kicks off at 11 am. The President of India Droupadi Murmu will address both houses in a joint session, after which the Economic Survey will be presented by Finance Minister Nirmala Sitharaman. The Reserve Bank of India has an inflation of 6.8 per cent that is not in line with the target range, according to sources. The growth is expected to be seen at 6.5 per cent for the next fiscal FY 2023 -- 24 under the baseline scenario, according to the annual government survey.
The Economic Survey, compiled by Chief Economic Adviser V. Anantha Nageswaran, is usually tabled a day ahead of the Union Budget presentation. In FY 23 the GDP of India is expected to grow at 7 per cent, compared to 8.7 per cent in FY 22.
The central government capex could be pegged at 63.4 per cent in the April-November period.
The survey might highlight the state of the Indian economy in relation to the global economic scenario. It is said that experts in the world expect India's growth to slow down this year due to recession fears and weaker external demand.
The International Monetary Fund IMF noted earlier in the day that the Indian economy might grow by around 6.1 per cent in 2023 as opposed to 6.8 per cent in 2022 due to current recession fears across the globe. According to World Economic Outlook, it said that the growth rate of the Indian economy will bounce back to 6.8 per cent in 2024.
The decline in India's growth rate during 2023 is largely due to external headwinds, according to the IMF Chief Economist and Research Department Director Pierre-Olivier Gourinchas.
Gourinchas said that we have 6.8 per cent growth for this current fiscal year, which runs until March, and then we expect a slowdown to 6.1 per cent in the fiscal year 2023. External factors are largely responsible for that.