Prime Minister Narendra Modi is scheduled to hold a pre-budget meeting with economists and sectoral experts at NITI Aayog on Friday, to discuss the state of the economy and measures to accelerate growth. The 2023-24 Budget is set to be presented in Parliament on February 1.
The meeting will also be attended by several Union ministers, according to a senior government.
Hit by weakening demand, the Indian economy is expected to grow at a slower rate of 7 per cent in the current fiscal ending March 2023, setting the stage for the country losing the fastest-growing major economy tag.
The 7 per cent expansion projected in the first official estimate released by the statistics ministry compares with 8.7 per cent gross domestic product (GDP) growth in 2021-22.
The projections are much lower than government’s earlier forecast of 8-8.5 per cent growth but above the Reserve Bank’s projection of 6.8 per cent. If the forecast comes true, India’s GDP growth will be lower than Saudi Arabia’s expected 7.6 per cent expansion.
In fact, India’s GDP growth in the July-September quarter at 6.3 per cent was lower than the 8.7 per cent growth rate of Saudi Arabia.
(With PTI inputs)
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