New Delhi: Lok Sabha begins after President Droupadi Murmu's maiden address to the joint sitting of both Houses, earlier in the day. Finance Minister Nirmala Sitharaman tabled the Economic Survey in the Lower House after the session began around 12.50 pm. The session was adjourned after paying respects to the former members who passed away and the House also congratulated the under-19 team women's team for lifting the inaugural T20 ICC world cup.
According to the pre-Budget Economic Survey tabled in Parliament, India is slated to remain the fastest-growing major economy in the world. It is the third-largest economy in PPP (purchasing power parity) terms and 5th largest in terms of the exchange rate. The economy has nearly recouped what was lost, renewed what had paused, and re-energised what had slowed during the pandemic.
The Economic Survey ahead of the budget session in parliament underlined that 6.8% inflation for the current fiscal is not high enough to deter private consumption or low enough to weaken investment. Borrowing costs may remain 'higher' for a longer period, while entrenched inflation may prolong the tightening cycle.
Also read: Budget 2023: Experts keen on India's fiscal deficit challenge
A challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed, says Economic Survey. The current account deficit may continue to widen as global commodity prices remain elevated, and the rupee may come under pressure. India's recovery from the pandemic was relatively quick, growth to be supported by domestic demand, and a pick up in capital investment observed the Eco Survey.
As per the Economic survey, growth in exports moderated in the second half of the current fiscal. The survey concluded that India withstood an extraordinary set of challenges better than most economies. India's economy is to grow 6.5 pc in 2023-24 compared to 7 pc in the current fiscal, while it was 8.7 pc in 2021-22 as per the Economic Survey tabled in Parliament.
