New Delhi: Ahead of the Union Budget, Prime Minister Narendra Modi will meet economists and sectoral experts at NITI Aayog on Friday to discuss the state of the economy and measures to accelerate growth which is estimated to drop to seven percent, a senior government official said. The official further said that the meeting will also be attended by several Union ministers.
Finance minister Nirmala Sitharaman will present the 2023-24 Budget in Parliament on February 1, 2023. Hit by weakening demand, the Indian economy is expected to grow at a slower rate of seven percent in the current fiscal ending March 2023, setting the stage for the country losing the fastest-growing major economy tag.
The projections are much lower than government's earlier forecast of eight to 8.5 percent growth but above the Reserve Bank's projection of 6.8 percent. If the forecast comes true, India's GDP growth will be lower than Saudi Arabia's which is expected to grow at7.6 percent expansion.
In fact, India's GDP growth in the July-September quarter at 6.3 percent was lower than the 8.7 percent growth rate of Saudi Arabia.
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