Eco Survey projects FY24 GDP growth at 6-6.8%, sees investments picking up

Commodity prices will raise total import bill and add to unfavourable developments in current account balance, it says

India is projected to grow at a baseline rate of 6.5 per cent and at a range of 6-6.8 per cent in 2023-24 (FY24), with global macroeconomic slowdown being the key risk factor to the forecast, the Economic Survey 2022-23 said on Tuesday.

“Recovering from pandemic-induced contraction, Russian-Ukraine conflict, and inflation, the Indian economy is staging a broad-based recovery across sectors, positioning to ascend to the pre-pandemic growth path in 2022-23,” said the Survey, authored by Chief Economic Advisor V Anantha Nageswaran and his team.

This is Nageswaran’s first Survey.

The baseline nominal gross domestic product (GDP) growth is forecast