Centre sees economic growth in FY23 at 6.5%

6.5% in the current fiscal amid external shocks and monetary policy tightening. This is lower than RBI’S latest projection of 7% GDP growth. In fact, the government expects growth to slow down further in 2023-24 amid global recession fears, making budget making exercise for FY24 even more challenging for policymakers. Finance minister Nirmala Sitharaman will have to balance growth stimulating measures with steps to further the fiscal consolidation roadmap in the upcoming budget, expected to be announced on February 1.