Economic Advisory Council-PM pegs real growth at 7-7.5 per cent in FY23

However, it warned against projecting unrealistically high tax revenue in the upcoming budget. The council, which met on Thursday, was optimistic about real and nominal growth prospects.

Published: 19th November 2021 03:55 AM  |   Last Updated: 19th November 2021 10:51 AM   |  A+A A-

gdp

Representational Image. (File Photo)

By Express News Service

NEW DELHI: Expecting Indian economy’s real rate of growth at 7 to 7.5% in 2022-23, the Economic Advisory Council to the Prime Minister (EAC-PM) on Thursday said that the growth orientation of last year’s Budget should also be maintained this year.

However, it warned against projecting unrealistically high tax revenue in the upcoming budget. The council, which met on Thursday, was optimistic about real and nominal growth prospects in 2022-23.

“Other than an element of the base effect, the contact intensive sectors and construction should recover in 2022-23. Once capacity utilisation improves, private investments should also recover. Therefore, members felt a real rate of growth of 7 to 7.5% in 2022-23 was likely,” the council said in a statement. 

“However,” the council cautioned, “this should not mean the Union Budget for 2022-23 should project unrealistically high tax revenue or tax buoyancy numbers”.

Now we are on Telegram too. Follow us for updates
India Matters

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.