The GDP of India is expected to grow at 6.5 to 7 per cent in FY24-25, according to the Economic Survey 2023-24 tabled by Union Finance Minister in the Parliament on Monday. This is lower than the economic growth rate of 8.2 per cent estimated for the previous financial year.
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"...the Survey conservatively projects a real GDP growth of 6.57 per cent, with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side," said the document tabled by Finance Minister Nirmala Sitharaman in Parliament.
The survey takes into account global challenges which is likely to impact exports. The RBI projections shows that GDP growth will at 7.2 per cent this fiscal while international entities including IMF and ADB pins the growth at 7 per cent.
The economic survey pointed out that despite uncertain global economic performance, the domestic growth drivers had an impact on economic growth in 2023-24, adding that improved balance sheets will help the private sector cater to strong investment demand.
It also warned that after good growth in the last three years, private capital formation may turn slightly more cautious because of fears of cheaper imports from countries that have excess capacity.
The presentation of the Economic Survey comes a day before the Union Budget 2024 is tabled by the finance minister.
