India forecast economic growth of 6% to 6.8% in the 2023/24 fiscal year, slowing from the 7% growth projected for the current year ending on March 31, as a global slowdown is likely to hurt exports.
The finance ministry's released its annual Economic Survey and Finance Minister Nirmala Sitharaman presented it to parliament on Tuesday, a day before she is set to unveil the government's budget for the coming fiscal year.
"The actual outcome for real GDP growth will probably lie in the range of 6.0% to 6.8%, depending on the trajectory of economic and political developments globally," it said. However, this could mean that the current account deficit might stay high, because a strong domestic economy would support imports while exports were expected to ease due to weakness in foreign markets.
Improved public digital infrastructure and a turn in the financial cycle, with the deleveraging of banks and corporate balancesheets, will add to India's potential growth, according to Nageswaran.
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