Surprises In Store For The Indian Economy?

2023 promises to be far from predictable and may hold surprises for countries and households, says Survey.

- Joe C. Mathew

The Indian economy has completely recovered from the pandemic-induced slowdown and is all set to register a strong, sustained growth for the next 25 years according to the message conveyed by the Economic Survey 2022-23, presented in Parliament on January 31. The survey estimates India's GDP will grow close to 7% in FY23, 6-6.8% in FY24, and an average 6.5% in the medium term. The projection for FY23 is primarily based on the uptick in private consumption and capex led by the government during the first eight to nine months of FY23. There are also projections that FY24 growth could be towards the lower end of 6-6.8% rather than 6.5%. The projections are more or less aligned with the India growth estimates made by the IMF, World Bank, and other agencies, and in that sense, justifiable.