India economic survey forecasts GDP growth slowing on global weakness

India economic survey forecasts GDP growth slowing on global weakness

India on Tuesday forecast its economy would grow 6 percent to 6.8 percent in the coming financial year, slower than the projected pace for 2022/23 because of likely damage to exports from a global slowdown. The forecast in the government’s annual Economic Survey report is higher than the International Monetary Fund’s projection of 6.1 percent, because the report’s finance ministry authors expect strong domestic demand to partly offset global weakness.

For the latest headlines, follow our Google News channel online or via the app. The report has been issued, as usual, one day before the government presents its budget for the coming financial year. It said that, in its baseline scenario, gross domestic product (GDP) would be 6.5 percent higher in 2023/24 than in 2022/23. That would make India’s economy one of the fastest growing in the world. The financial year begins on April 1. "The actual outcome for real GDP growth will probably lie in the range of