Economic Survey:India's GDP growth estimated at 6.5% in FY24

The Economic Survey 2022-23 has projected a baseline GDP growth of 6.5 per cent in real terms in the next financial year. The Survey was presented in both Houses of Parliament Tuesday by Finance Minister Nirmala Sitharamna ahead of the Union Budget to be presented on Wednesday. According to the survey, the Indian economy is expected to grow at 7 per cent in real terms in the current financial year. It also said India to remain the fastest-growing major economy in the world.

Summary of #EconomicSurvey 2022-23

India to witness #GDP growth of 6.0 percent to 6.8 percent in 2023-24, depending on the trajectory of economic and political developments globally#EconomicSurvey 2022-23 projects a baseline GDP growth of 6.5 percent in real terms in FY24

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— PIB India (@PIB_India) January 31, 2023

The Survey 2022-23 recommended "entirely" dismantling the licensing, inspection and compliance regime, and a host of other reforms to accelerate economic growth to sustained higher levels. She sais that  the reforms undertaken before 2014 primarily catered to product and capital market space. "They were necessary and continued post-2014 as well," it said. The survey stated that the rise in consumer prices has slowed considerably. According to the survey, the annual rate of inflation is below 6 per cent and wholesale prices are rising at a rate below 5 per cent. The export of goods and services in the first nine months of the current financial year is up 16 per cent compared to the same period in 2021-22.