What does Economic Survey 2022-23 tell us about growth in the coming year?

The Survey, tabled by finance minister Nirmala Sitharaman today, said the economy has recovered from the financial system stress experienced in the second decade of the millennium

The 2022-23 Economy Survey paints a conservative growth outlook, emphasising that the country’s economic fundamentals remain strong. The Survey has projected India’s economy to grow 6.5 per cent in 2023-24, compared to 7 per cent this fiscal and 8.7 per cent in 2021-22. In nominal terms, gross domestic product (GDP) growth is expected to be 11 per cent in the next fiscal year.

Citing the continuing Russia-Ukraine crisis and the trend of major central banks reaffirming their hawkish stance on inflation, the Survey predicts the global economy may be characterised by low growth in FY24. As per IMF’s World Economic