The Economic survey which will be tabled today in the Parliament is likely to forecast real gross domestic product (GDP) growth of Inidia at 6-6.8% for the fiscal year 2023-24.
India's annual pre-budget economic survey is likely to show that the growth would be witnessed at 6.5% for 2023-24 under the baseline scenario. This would be the slowest growth in three years. In the meanwhile, the nominal growth is expected to be forecast at 11% for 2023-24.
According to reports, the growth will remain strong in the financial year beginning April 1 in comparison to most global economies led by a pick up in lending by banks and improved capital sending by corporations.
Notably, the Economic Survey is a comprehensive document that provides a review of the Indian economy of the current financial year. The document summarises the performance of primary development projects and forecasts GDP growth and other vital economic indicators for the next fiscal year. It would be tabled today in both Houses of Parliament by Union Finance Minister Nirmala Sitharaman, a day ahead of the presentation of the Union Budget on February 1.
Union Finance Minister Nirmala Sitharaman is all set to present the last full budget of the Modi 2.0 government on February 1. The Budget Session with the PM Modi-led government's heavy financial agenda is set to be held in two parts. The session will start with President Droupadi Murmu's customary address to the joint sitting of both Houses - Lok Sabha and Rajya Sabha - in the Central Hall of Parliament. Following this, the Economic Survey will be tabled. The first part of the session is scheduled to be held from January 31 till February 13.
The second part of the session will begin on March 13 and will culminate on April 6. During this, demands from individual departments and ministries for grants will be up for discussion. In addition, the discussions will also include Performance and Outcome Budgets, and Annual Reports by the respective ministries and departments.