Economic Survey report presented in Parliament

New Delhi: India’s growth rate will be between 6% and 6.8% in the next fiscal year. This conclusion has been recorded in the financial inspection report presented in Parliament before the budget. The report also noted that although India’s growth rate seems to have come down so much for the first time in the last three years, compared to other major countries, India will rank first in terms of growth rate. The report states that due to the war in Ukraine and other international developments, India’s exports will be affected and India will have to control its fiscal deficit.

The Ukraine conflict is hurting the global economy and the economies of major countries have also been affected by it. The inspection report has warned that this will affect India’s exports. But the Indian economy will get huge support from the growing demand at the domestic level. However, the report made aware that the difference between import and export could be a problem facing India. Along with this, the report indicated that the pressure on India’s currency, which has fallen to 83 rupees against the dollar, will continue.

While the fiscal deficit is likely to widen, India has sufficient foreign reserves to balance it. Subsequently, India can stabilize its currency, the report mentioned. There has been an increase of about 30% in the loan supply to micro, small and medium enterprises from January to November 2022. The report also states that the credit provided to the country’s industrial sector has increased by more than 10% since October.

Meanwhile, the International Monetary Fund has claimed that India will not face the inflationary problem faced by poor, developing and advanced countries in the next financial year. The inflation rate in India will remain at 5% in the next financial year. In the financial year 2024-25, the inflation rate in India will come to 4%, according to the Monetary Fund.

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