Finance Minister Nirmala Sitharaman presents Economic Survey in both Houses of Parliament; GDP growth projected at 6 to 6.8 percent for 2023-24 fiscal

The Economic Survey 2022-23 has projected a baseline GDP growth of 6.5 per cent in real terms in the next financial year. The Survey was presented in both Houses of Parliament today by Finance Minister Nirmala Sitharamna ahead of the Union Budget to be presented tomorrow. According to the survey, the Indian economy is expected to grow at 7 per cent in real terms in the current financial year. It also said India to remain the fastest-growing major economy in the world.

The survey said India has become the world’s fifth largest economy and the nominal GDP of India will be around 3.5 trillion US dollars in March this year. The survey stated that the rise in consumer prices has slowed considerably. According to the survey, the annual rate of inflation is below 6 per cent and wholesale prices are rising at a rate below 5 per cent. The export of goods and services in the first nine months of the current financial year is up 16 per cent compared to the same period in 2021-22.