Ahead of the Union Budget, Prime Minister Narendra Modi will meet economists and sectoral experts at NITI Aayog on Friday to discuss the state of the economy and measures to accelerate growth, which is estimated to drop to 7 %, a senior government official said.
The official further said that the meeting will also be attended by several Union ministers.
Finance minister Nirmala Sitharaman will present the 2023-24 Budget in Parliament on February 1, 2023
Hit by weakening demand, the Indian economy is expected to grow at a slower rate of 7% in the current fiscal ending March 2023, setting the stage for the country losing the fastest-growing major economy tag.
The 7% expansion projected in the first official estimate released by the statistics ministry compares with 8.7% gross domestic product (GDP) growth in 2021-22.
The projections are much lower than the government’s earlier forecast of 8-8.5% growth, but above the Reserve Bank’s projection of 6.8%. If the forecast comes true, India’s GDP growth will be lower than Saudi Arabia’s expected 7.6% expansion.
In fact, India’s GDP growth in the July-September quarter at 6.3% was lower than the 8.7 % growth rate of Saudi Arabia.
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