Indian economy to grow at 9.2% in current fiscal: FM Nirmala Sitharaman during Budget

Indian economy is seen growing at 9.2 per cent in the current fiscal, finance minister Nirmala Sitharaman said while presenting the Union Budget.

This is in line with what the economic survey projected yesterday.

The Economic Survey projected a growth of 8-8.5% in the next fiscal FY23 and is expected to meet macro challenges on the back of improving vaccination coverage and higher capital expenditure along with easing of regulation and supply-side reforms.

The growth projections for the current fiscal have been lowered a bit due to some impact seen from curbs imposed to check the Omicron variant.

The momentum could gather pace in the next fiscal on the back of higher capital spending by government and robust tax collections.

Private consumption, the weakest point so far, is expected to pick up the pace and drive the overall economic momentum.

Private investments are also expected to pick up in the next fiscal.