Conservative growth estimate due to global uncertainties, experts on Economic Survey
Economic Survey has projected a conservative growth of 6.5-7 per cent for the current fiscal year because of global uncertainties and various domestic challenges, experts said on Monday. The projection is lower than 8.2 per cent growth rate estimated in 2023-24 and tad lower than Reserve Bank's forecast of 7.2 per cent for the current financial year.
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Finance Minister Nirmala Sitharaman, who will present the Union Budget on Tuesday, tabled Economic Survey 2023-24 in Parliament on the first day of Monsoon session.
The survey has been authored by a team led by Chief Economic Advisor (CEA) V Anantha Nageswaran.
Commenting on the document, Ranen Banerjee, Partner and Leader Economic Advisory, PwC India said the CEA has sounded a cautious note by projecting a growth rate of 6.5-7 per cent for 2024-25, highlighting the global uncertainties and domestic challenges.
«The Economic Survey has proposed a compact between the central and state governments, corporate sector and academia to overcome the unprecedented economic scenario. There is a nudge to governments to let go of various regulations, citing the Ishopanishad,» he said.
Banerjee further said there is also a nudge to the private sector to invest in IP, machinery and equipment.
Aditi Nayar, chief economist at ICRA opined that the survey implicitly stresses that in the medium term,
