Ideas For Budget 2023

Leading experts discuss what finance minister Nirmala Sitharaman can do to give a booster shot to the Indian economy.

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BY NOW, the tenacity of the domestic market has proved to be the greatest force behind the resilience of Indian economy, putting to rest all doubts about economic recovery post Covid. Right in the midst of a world dreading the next recession, India will continue to expand its GDP. In fact, large consumption sectors such as automobiles, real estate and consumer lending are peaking to their all-time highs this fiscal. Even the large FII pull-out worth over $18 billion has failed to dim the enthusiasm in the stock market as domestic mutual funds more than made up for the shortfall. So how can finance minister Nirmala Sitharaman’s fifth Budget in February 2023 accelerate the growth of the economy?

Fortune India invited a pre-budget discussion with some of the brightest economic minds to present new ideas for Budget 2023. The panel comprised Gopal Krishna Agarwal, national spokesperson for economic affairs, BJP; Prof. Gourav Vallabh, spokesperson, Indian National Congress; Nadir B. Godrej, chairman, Godrej Agrovet Ltd. & Godrej Industries Ltd; Rahul Garg, partner, Price Waterhouse & Co LLP; Sonal Varma, managing director & chief economist,

India and Asia ex-Japan, Nomura and Subhash Chandra Garg, former finance and economic affairs secretary, Government of India & chief policy advisor, Subhanjali, a thinktank. The discussion was moderated by Rajeev Dubey, Editor-in-Chief, Fortune India. Edited excerpts:

What are the biggest challenges facing the Indian economy this fiscal?