“India appears poised to sustain its growth in a more durable way than before. Nonetheless, it is no time to rest on laurels nor risk diluting the painstakingly and consciously achieved economic stability," the ministry’s Annual Economic Review for FY23 released on Thursday said.
The word of caution from the Department of economic affairs (DEA), which prepares annual budgets, is significant in a pre-election year when governments tend to loosen fiscal controls and announce fresh schemes.
The review also states that despite urban demand remaining resilient and rural demand in recovery mode, any deepening of geopolitical stress and El Nino impact could pose risks to growth in the rest of the fiscal year.
“Strong balance sheets and digital advancements could lead to better credit decisions, allowing India’s financial cycle to sustain for longer periods before encountering the challenge of bad debts," the report said. “Urban demand conditions remain resilient, with higher growth in auto sales, fuel consumption, and UPI (Unified Payments Interface) transactions. Rural demand is also on its path to recovery with robust growth in two- and three-wheelers sales."
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