Indian Economy 2023 At present India's economy is facing many challenges. Talking about the year 2022-23, this year the growth rate was estimated at 8.5% while it is likely to come down to 7% in 2023-24.

This year's Union Budget is going to be presented, which will include many new rules and new schemes to strengthen the economy. How good this budget will be for the country and its countrymen, it is necessary to know how the economy of India is at present and what will be its impact in the coming year.

So, today we will know what is the status of other segments like growth rate, manufacturing status, and an inflation rate that decide the economy of India. Also, what are the expectations from it in the coming year?

Growth rate

Before the presentation of the budget 2023, many types of surveys are being done that what could be the rate of growth for 2023-24, but its basis is decided on what has been the growth rate of the Indian economy in the last few years. Is. If we go by the figures, India's real GDP growth in 2022-23 was estimated at 8 to 8.5%. At the same time, the GDP growth in 2023-24 is estimated to be 7%.

Inflation rate

The prices of essential commodities rose sharply due to the situation arising out of the Russia-Ukraine war and the Corona pandemic, while inflation has come down due to frequent repo rate hikes by the RBI. Also, it is expected to decrease further. 2022-23 was the first year when the Consumer Price Index (CPI) remained above the 6% mark for three consecutive quarters. Hence, it is expected that it will also slow down growth due to the slowing global economy.

Manufacturing status

Even after the advent of programs like Make in India, the manufacturing industry is still struggling. Gross Value Added (GVA) is expected to grow by 1.6% for 2022-23. With this growth, the manufacturing industry may face huge difficulties. Talking about the best case, was in the year 2021-22 when the figure was up to 9.9%.

Consumer Sentiment in 2023-24

Talking about consumer sentiment in the year 2023-24, the Consumer Confidence Survey (CCS) reveals that the Current Situation Index (CSI) has been negative for 33 consecutive times. The country is now emerging from the pre-pandemic slowdown in the economy due to the Corona pandemic and its impact on the economy. Consumer sentiment is expected to improve in 2023-24.