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Business Economy


Growth projections to remain undisturbed if oil below $100 a barrel, says CEA

New Delhi, Jan 31 (UNI) Stating that uncertainties in global oil market are tremendous, Chief Economic Adviser (CEA) Dr V. Anantha Nageswaran on Tuesday said that the real GDP growth p[projections would remain undisturbed as long as crude oil prices stay below $100 a barrel.
"It is difficult for us to give a prediction for the oil price. RBI takes a number that is below $100 per barrel and we can live with that number and be able to achieve the growth rates that we have projected in the survey. So, therefore at this point it will be difficult for me to come up with precise number because the uncertainties with respect to the oil market are tremendous," said CEA during a press briefing after tabling of Economic Survey in the Parliament.
Finance Minister Nirmala Sitharaman tabled the key document in both the Houses of the Parliament today ahead of the Union Budget.
The Survey has pegged India's real gross domestic product (GDP) in the range of 6-6.8% in the financial year 2023-24 depending on the trajectory of economic and political developments globally.
Replying to media queries, the CEA said that inflation should not be as big a problem as it was in 2022 but conceded that the uncertainties still remain high.
The Survey said that India's FY24 growth projection is broadly comparable to the estimates provided by multilateral agencies such as the World Bank, the IMF, and the ADB and by RBI, domestically.
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