The Union Budget for the fiscal year 2023–2024 will be presented on February 1 by Finance Minister Nirmala Sitharaman. In the fiscal year 2022–2023, the nation’s economic growth rate may drop to 7% yearly due to demand slowing and fears of a worldwide recession. India might cease to be the major economy with the quickest growth rate if this occurs.
The official estimate released by the National Statistical Office (NSO) last week predicts that the gross domestic product (GDP) growth rate will be 7% in the fiscal year 2022–2023 compared to 8.7% in the fiscal year 2021–2022 However, this is greater than the 6.8% growth estimate provided by the Reserve Bank of India (RBI).
