According to a source, the economic survey is likely to reveal that the growth is seen at 6.5 % for 2023-2024 .The Indian annual pre-budget economic survey analysis likely to reveal a growth at 6-6.8% for 2023-2024. This would be the slowest in three years. Nominal growth is likely to be forecast at 11% for 2023-2024.
The beginning of the financial year from 1 April will remain strong as compared to most of the global economies. It would be led by sustained private consumption. There is a possibility of pickup in lending by the banks and improved capital spending by the corporations. This would be possibly revealed in the survey.
The parliament will present an economic survey by Chief Economic Advisor V. Anantha Nageswaran on Tuesday. Finance Minister Nirmala Sitaraman will present this, a day before she presents the budget for the next fiscal year.
About Economic Survey.
The economic survey is the government’s review of how the economy fared in the past year. After the pandemic of the COVID 19, the economy of India has been recovering. But the economy has surely been affected by the Russian -Ukraine conflict. It has triggered the inflationary pressured and that resulted the central banks to reverse the ultra-loose monetary policies that they had adopted during the period of pandemic.
It is likely that the increase in the prices are not high enough to deter the private consumption or low enough to weaken the investment. Even the growth of 6.5 % can keep India among the fastest growing economies in the world . The economy has grown 8.7% in the previous year mainly due to the pandemic related distortions.
The survey may be possibly point t the improvement in the employment conditions in India due to stronger consumption. The government has increased the infrastructure in the last two years and that should help .