Chief Economic Advisor, CEA Dr V. Anantha Nageswaran has said that the Indian economy is expected to grow at 6.5 per cent in 2023-24 and the range is projected between 6 to 6.8 per cent. Addressing a press conference in New Delhi on the highlights of Economic Survey 2022-23 yesterday after its presentation in the Parliament, Dr Nageswaran said, India’s GDP growth is expected to remain robust in the financial year 2023-24. He added that India’s economy is poised to do better in the remainder of this decade.
Dr Nageswaran said that the international Monetary Fund- in its World Economic Outlook Update, has maintained India’s GDP forecast for current Financial Year at 6.8 per cent and at 6.1 per cent the during next Financial Year. He said, for Financial Year 2024-25, GDP is projected at 6.8 per cent. The CEA added that recovery of economy is complete and non-banking and corporate sectors now have healthy balance sheets. He said, there is no need to speak of pandemic recovery any more and we have to look ahead to the next phase.
Dr Nageswaran said, according to the Economic Survey, private investment in 10 sectors in first half of 2022-23 is higher than what it was in the first half of 2021-22. These include pharma, textiles, cement, chemicals and capital goods. He also added that India is well ahead of its targets for renewable energy mix.
Later, talking to a news agency, the Chief Economic Advisor said, India has the potential to grow at 6.5 to 7 per cent and will become 5 trillion economy by 2025-26 and seven trillion by 2030, depending on exchange rate fluctuation. He said Indian Economy is estimated to touch the 3.5 trillion dollar mark by March this year.