homeeconomy NewsEconomic Survey 2023 | Growth estimate of 6.5% for FY24 seems realistic, says former CEA
Economic Survey 2023 | Growth estimate of 6.5% for FY24 seems realistic, says former CEA
The economic survey 2023 highlighted that India has moved on from its encounter with the pandemic and projected real GDP growth of 7 percent this fiscal. It has also forecast 6.5 percent real GDP growth and an 11 percent nominal GDP growth in FY24.
The Budget session of Parliament kicks off with the tabling of the Economic Survey 2023. The recovery is complete that's the key message from the 371 page Economic Survey 2023 which was tabled in Parliament on Tuesday (January 31).
The survey has highlighted that India has moved on from its encounter with the pandemic and projected real GDP growth of 7 percent this fiscal. It has also forecast 6.5 percent real GDP growth and an 11 percent nominal GDP growth in FY24.
Speaking to CNBC-TV18, KV Subramanian, executive director of India at International Monetary Fund (IMF) and former CEA said the Economic Survey's estimate of 6.5 percent growth for the financial year 2024 is realistic. He added that over the past 30 years, India has never been an outlier in terms of growth and inflation.
In addition, Subramanian hopes that the government will focus on the implementation of existing Production-Linked Incentive (PLI) schemes, rather than rolling out new ones. He believes that proper implementation of existing PLI schemes will help boost the country's growth and development.
In conclusion, India's economic outlook appears to be optimistic, with a realistic growth estimate and a stable inflation outlook. The government's focus on the implementation of current PLI schemes is a positive step towards further boosting the country's growth and development.
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