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Indian Economy: Due to the huge demand for credit and the fall in the prices of crude oil, the Indian economy can gain momentum, due to which the economic growth rate in the current financial year 2023-24 will be 6.5. The percentage is estimated to be. Chief Economic Advisor V Anantha Nageswaran has said these things. He said that with these signs, due to the boom in the construction sector, the slow pace of global economic growth and weather-related risks will not affect the economy.
The Chief Economic Advisor said that the economic survey has projected a growth rate of 6.5 percent. The same has been said in the Monthly Economic Report of April 2023. He said that leaving aside the monsoon and global political risks, the pace of the Indian economy has been good in the month of April due to the boom in tax collection and the speed of the services sector.
On the decline in exports and imports, the Chief Economic Advisor said that due to the decrease in global demand, the exports of goods have decreased, while there is a decrease in imports due to the decrease in crude oil prices. He said that the current account deficit is stable and the increase in foreign exchange reserves is showing positive signs.
V Anantha Nageswaran expressed hope that if crude oil prices remain low, retail inflation may come down to the level of 4 per cent. In April 2023, the retail inflation rate has come down to 4.7 percent. But this summer, the increase in temperature, the threat of El Nino and the rapid rise in commodity prices can also turn water on these hopes.
Next week on Wednesday, the Ministry of Statistics is going to release the GDP figures for the financial year 2022-23 and the fourth quarter of the same financial year. On Wednesday, RBI Governor Shaktikanta Das has expressed hope that GDP can be better than the estimate of 7 percent.
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