India sees GDP growth slowing on global weakness
India forecast economic growth of 6% to 6.8% in the 2023/24 fiscal year, slowing from the 7% growth projected for the current year ending on March 31, as a global slowdown is likely to hurt exports.
The finance ministry’s released its annual Economic Survey and Finance Minister Nirmala Sitharaman presented it to parliament on Tuesday, a day before she is set to unveil the government’s budget for the coming fiscal year.
The economic growth forecast for 2023/24 is higher than the International Monetary Fund’s projection of 6.1%, as the finance ministry expects the global weakness will be partially offset by strong domestic demand.
The report, prepared by Chief Economic Adviser V Anantha Nageswaran, said its baseline scenario was for 6.5% growth in 2023/24, which would still make India one of the fastest growing economies.
“The actual outcome for real GDP growth will probably lie in the range of 6.0% to 6.8%, depending on the trajectory of economic and political developments globally,” it said.
This report’s information was first seen on REUTERS; to read more, click this link.