Nirmala Sitharaman Tables Economic Survey in ParliamentTop Stories

January 31, 2023 20:18
Nirmala Sitharaman Tables Economic Survey in Parliament

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The country's Finance Minister Nirmala Sitharaman tabled the Economic Survey for 2022-23 in the Parliament house. It is predicted that the country's economy will grow 6.5 percent in 2023-24 when compared to the 7 percent of the fiscal. The projection of retail inflation at 6.8 percent is Reserve Bank of India and it is neither so high nor so low. The retail inflation came below 6 percent in November after the upper tolerance level has been high for ten months last year. The Central Bank projected the inflation to average at 6.8 percent in the current fiscal year. "RBI has projected headline inflation at 6.8 per cent in FY23, which is outside its target range. At the same time it is not high enough to deter private consumption and also not so low as to weaken the inducement to invest," told the Survey.

The Reserve Bank of India made it mandatory to keep the inflation at 4 percent with a cap of 2 percent. The retail and wholesale price inflation remained high for the most part of the year due to the supply chain disruptions. The war between Russia and Ukraine had an impact as both these countries are the important producers of essential agricultural commodities. The global economy may be characterized by low growth in the year 2024. The Economic Survey said that there should be a close monitoring of the current account deficit. The rate of growth in the imports has been quite faster when compared to the exports.

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