Delhi: Union Finance Minister Nirmala Sitharaman tabled the Economic Survey report in the Lok Sabha. In the Economic Survey Report 2022-23, the growth rate of domestic product has been estimated to be 6 to 6.8% in the financial year 2023-24. It is estimated that the growth rate will be 7% in this year. The Finance Minister will present the coming year’s budget (Union Budget 2023) in the Parliament tomorrow. Since the Lok Sabha elections are due next year, this will be the last full budget of the Modi government. India is becoming the fastest growing economy of the world. Economic growth will come from increased personal spending, corporate balance sheets, credit growth among small businesses and migrant workers returning to cities, according to the report.
How much will be the inflation?
RBI has estimated the inflation rate to be 6.8 percent in the current financial year. This estimate is higher than the upper target limit of RBI. According to the Economic Survey report, the country’s growth rate in 2023-24 will be 6.5%. This year the growth rate will be 7% while in 2021-22 the growth rate will be 8.7%.
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debt will be expensive
Not good news for borrowers. Interest on long-term loans is likely to remain high. Repo rate will be increased to control inflation. According to the Economic Survey, the Indian economy has seen a faster recovery than other countries in the world. Increase in domestic demand, capital investment will boost growth. The survey includes India’s gross domestic product (GDP) estimates, inflation estimates, foreign exchange reserves and trade deficit. Before the presentation of the Economic Survey, President Draupardi Murmu addressed both the Houses of Parliament. With this the budget session started. President Draupadi Murmu while addressing both the sessions of Parliament together said that we want to create a self-reliant India. India should be such that there is no poverty. Its middle class should also be financially strong.