India’s GDP to grow from 6.5 to 7%, RBI expects inflation: Economic Survey Report

Guwahati, July 22: The Economic Survey for 2023–2024, tabled in Lok Sabha by Union Finance Minister Nirmala Sitharaman on Monday, projects India’s Gross Domestic Product (GDP) growth of 6.5 to 7 percent.

As per reports, the survey states, “The Indian economy is on a strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges." However, the survey adds that the Reserve Bank of India expects inflation to be 4.5 percent in Financial Year (FY) 25 and 4.1 percent in FY 26. It further adds that the inflation rate is largely under control, but the inflation rate of some food items is elevated.

Speaking at a press conference, the Chief Economic Advisor, V Anantha Nageswaran, said, “With several countries attempting net zero emissions at the same time and trying to achieve energy transition, it is going to be a major issue in resource availability. Geopolitical fragmentation, climate change, and global trade did not affect East Asia when they were making their transition from lower-income to higher-income countries.

“The average growth rate till March'24 has been around 8%, and the real GDP is 20% above the pre-pandemic levels. Investment is being driven not only by public sector capital formation; both union and state governments are spearheading the capital formations. Private Capex has recovered and is growing,"  he further added.