India's Economy Projected to Grow 6.5-7% in FY25: CEA

New Delhi, Jul 22 (PTI) The Economic Survey has projected a prudent growth rate of 6.5-7 per cent for the current financial year, and much will depend upon the progress of the monsoon, Chief Economic Advisor V Anantha Nageswaran said on Monday.

Addressing reporters here after the tabling of the Economic Survey 2023-24 in Parliament by Finance Minister Nirmala Sitharaman, Nageswaran said the economic growth rate of 7 per cent is doable but will depend on how the monsoon rains progress.

"We want to be prudent in projecting growth rate, that is why we have projected the country's economic growth at 6.5 to 7 per cent in FY24," he said.

According to him, there is momentum in the economy and private capital expenditure has picked up.

The Chief Economic Advisor (CEA), who prepared the pre-budget document, said India's external debt ratio is much lower compared to other emerging economies.

Nageswaran also said inflationary pressure is under control, and core inflation is running well below 4 per cent.

He also noted that India needs to create 80 lakh jobs per annum.

The CEA said the production linked incentive (PLI) scheme is beginning to deliver very handsomely in key areas.