The annual Economic Survey for 2022-23 projected the economy to grow by somewhere between 6% and 6.8%, depending on global factors in 2023-24, with 6.5% a baseline expectation.
While admitting that the world economy faces considerable uncertainty that could affect India’s growth, the survey struck a confident note, mirroring the sunny posture of the government, which plans to showcase the recovery on its watch as one of the main pitches for the 2024 polls.
While admitting that the world economy faces considerable uncertainty that could affect India’s growth, the survey struck a confident note, mirroring the sunny posture of the government, which plans to showcase the recovery on its watch as one of the main pitches for the 2024 polls.
It maintained that recovery from the multiple hits sustained due to the pandemic, the Russia-Ukraine war and subsequent policy-induced inflationary pressures globally is “complete” in India, which has weathered the storm better than most and is poised to resume the pre-Covid growth trajectory.
While the Centre had to move away from the path of fiscal consolidation in recent years to focus on reviving growth, the survey said the planned return to fiscal discipline would translate into a stimulus by lowering interest rates.
