PM Modi to hold pre-Budget meeting with economists, sectoral experts

Finance minister Nirmala Sitharaman will present the 2023-24 Budget in Parliament on February 1, 2023

Prime Minister Narendra Modi
Prime Minister Narendra Modi
Press Trust of India New Delhi
2 min read Last Updated : Jan 10 2023 | 12:20 AM IST

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 7 per cent, 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 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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :Nirmala SitharamanBudget at a GlanceBudget SpeechBudget estimatesBudget cycleBudget presentationBudget 2023BudgetUnion BudgetNarendra ModiGross domestic product

First Published: Jan 09 2023 | 5:40 PM IST

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