Chief Economic Advisor Dr V Anantha Nageswaran presents Economic Survey 2023; check details
Addressing a press conference, Dr V Anantha Nageswaran said that the IMF has retained its GDP growth forecast for India for the current and next financial years. He also said that their forecasts show an acceleration in India's GDP growth rate.
FollowChief Economic Advisor (CEA) Dr V Anantha Nageswaran on Tuesday (January 31) presented the Economic Survey 2023.The CEA said the Economic Survey looks ahead to the medium term because the pandemic response and recovery phase is over.
Addressing a press conference, Dr V Anantha Nageswaran said that the IMF has retained its GDP growth forecast for India for the current and next financial years. He also said that their forecasts show an acceleration in India's GDP growth rate.
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The CEA also talked about how the reforms of the last eight years mean India will perform better in this decade. "IMF, in its World Economic Outlook Update, has maintained India's GDP forecast for current FY at 6.8 percent, next FY at 6.1 percent and for 2024-25 at 6.8 percent. India's economy is poised to do better in the remainder of this decade," the Chief Economic Advisor said.
The CEA also said that recovery of economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, the people of India do not have to speak of pandemic recovery anymore.
The CEA also said that recovery of economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, the people of India do not have to speak of pandemic recovery anymore.
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Earlier today, Union Finance Minister Nirmala Sitharaman tabled the annual pre-budget Economic survey, nearly twenty-four hours before presenting the Union budget in Lok Sabha.
Last year's survey predicted India's economy to grow at 8-8.5 percent in FY23. The Economic Survey is formulated under the supervision of the government's CEA, and it includes the state of India's economy in the current financial year.
The problem that the economists suspect is that with the withering of the MSME sector, urban unemployment has been rising. The last National Sample Survey on MSMEs was done in 2015-16, and it showed the number employed by this sector was a whopping 110 million.
