PM says ‘World keeps an eye on India’s budget amid global uncertainty’
Prime Minister Narendra Modi today said that when he arrived in Parliament for the budget session, important voices in the economic world were giving positive signals. He pointed out that President Droupadi Murmu will be addressing both Houses for the first time, adding that it is a proud day for tribal society.
“There is a tradition in Parliament that when a new MP speaks for the first time, the whole Parliament gives them respect and creates an atmosphere of trust. Similarly, today’s speech is a speech. the first expression of the President,” he said.
The Prime Minister said even the Finance Minister, who will present the union budget tomorrow, is a woman and not only India but the whole world is keeping an eye on our budget.
“This budget will also be a bright spot for the shaky global economy. I am sure that Nirmala (Sitharaman) ji will live up to all expectations,” the Prime Minister said.
“We have only one mindset, the country comes first. During the budget session, we will also debate and discuss. We will discuss all issues very well in the House of Representatives. All proposals Doctors will attend this session fully prepared. This session will be very important to all of us,” he added.
An economic survey by Chief Economic Adviser V Anantha Nageswaran will be presented to parliament by Finance Minister Nirmala Sitharaman today, the day before she presents the budget for the next financial year. The Economic Survey is the government’s assessment of the state of the economy over the past year.
India’s annual pre-budget economic survey is likely to peg GDP growth at 6-6.8% for 2023-2024, Reuters news agency reported, citing a source.
The person said the government survey could say that growth is predicted to be 6.5% for 2023-24 under the base scenario, the person said, declining to be named because the matter is on hold. secret. This would be the latest in three years. The Reuters source added that nominal growth could be forecast at 11% for the period 2023-24.
The International Monetary Fund (IMF) on Tuesday also said it expects the Indian economy to decelerate in the next financial year and expects growth from 6.8% to 6.1% in the year to come. Current financing ends on March 31.
“Growth in India is expected to slow from 6.8 per cent in 2022 to 6.1 per cent in 2023 before accelerating to 6.8 per cent in 2024, with domestic demand steady despite the headwinds from the outside,” said the IMF’s World Economic Outlook update.
“I would say, we had a positive view of India in our October forecast. That positive view has barely changed,” said Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department IMF research, said.
Bloomberg said Wednesday’s Coalition budget will test the government’s resolve to remain fiscally prudent given lower tax expectations, broader social safety nets and more pushback. production is increasing ahead of national elections.
Ms. Sitharaman could tweak income tax tables to bail out the nation’s vast middle class and increase spending for the poor through programs like rural employment, while increasing financial incentives. for local manufacturing, according to economists and local media reports, Bloomberg added.