India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally. Economic Survey 2022-23 projects a baseline GDP growth of 6.5 per cent in real terms in FY24. The economy is expected to grow at 7 per cent (in real terms) for the year ending march 2023, this follows an 8.7 per cent growth in the previous financial year.
Urban unemployment ratio has come down to 7 per cent, worker population ratio has picked up to become 45 per cent. As private investment begins to pick in and as construction sector comes back to life, employment scenario will become as it did in the 1st decade, said CEA. According to the Economic Survey 2023, liberalized norms for foreign investment has led to a structural shift. It has gone up from 2.2 per cent to 2.6 per cent as a proportion of GDP.