Budget 2023: PM Modi will discuss with economists before the budget, the focus will be on speeding up the economy
PM Modi will hold a meeting with economists and experts from various fields at NITI Aayog on January 13. A senior official told that during this time the Prime Minister will discuss the state of the economy and measures to speed up the economic growth rate.
Highlights
- Many central ministers will also participate in this meeting to be held in NITI Aayog.
- The economic growth rate may come down to 7 percent on an annual basis in the current financial year.
- This estimate is much less than the government’s earlier estimate of 8 to 8.5 percent growth.
New Delhi. The date of the General Budget (Budget 2023-24) in the country is getting closer and the excitement has increased in the industry. In this episode, Prime Minister Narendra Modi (PM Narendra Modi) will hold a meeting with economists and experts from various fields in NITI Aayog on Friday, January 13, before the budget. A senior official told that during this time PM Modi will discuss the state of the economy and measures to speed up the economic growth rate.
The economic growth rate is estimated to come down to 7 percent in the current financial year. The senior official further said that many Union ministers will also attend this meeting. Finance Minister Nirmala Sitharaman will present the budget for the financial year 2023-24 in Parliament on February 1, 2023.
There will be churn on the economic front
, with the softening of demand, the country’s economic growth rate may come down to 7 percent on an annual basis in the current financial year. If this happens, India may lose the status of the fastest-growing major economy. According to the first official estimate of the Ministry of Statistics, the GDP (Gross Domestic Product) growth rate will be seven percent in the financial year 2022-23, which was 8.7 percent in the last financial year 2021-22.
This estimate is much less than the government’s earlier estimate of 8 to 8.5 percent growth. However, this is higher than the Reserve Bank of India’s estimate of 6.8 percent. If this estimate is correct, then India’s economic growth rate will be less than that of Saudi Arabia. The growth rate of Saudi Arabia is predicted to be 7.6 percent. In fact, India’s GDP growth rate stood at 6.3 percent in the July-September quarter. While Saudi Arabia’s economy grew at a rate of 8.7 percent during this period.
Let us tell you that before the general budget, the industry and the common man are expected to get relief in tax rates and other facilities related to business. Many business organizations have put forth their views in the pre-budget meetings before the government and the finance minister. However, whether the government accepts the demands and gives relief to the common man, its decision will be taken on February 1, when Finance Minister Nirmala Sitharaman will read her budget speech in front of the country.
