Realistic assessment

Focus on improving growth prospects

Economists at the Union Ministry of Finance (MoF) have a more realistic outlook for the Indian economy. In its monthly review for March, released this week, the ministry reiterated that downside risks outweighed the upside risks to its growth forecast of 6.5 per cent for 2023-24. The MoF’s projection is broadly in line with other agencies, such as the World Bank, which expects the Indian economy to grow 6.3 per cent, and the Asian Development Bank’s forecast of 6.4 per cent for the ongoing fiscal year. The Reserve Bank of India expects the Indian economy to grow 6.5 per cent,