The Economic Survey has forecast a baseline GDP growth rate of 6.5 per cent for 2023-24, which is lower than the 7 per cent growth expected in the current financial year.

The Survey was tabled in Parliament on Tuesday by finance minister Nirmala Sitharaman, a day before she presents the Union budget.

In its projections, the Survey said the growth next fiscal could be in the range of 6 per cent to 6.8 per cent, depending on global developments.

Analysts described the projections as optimistic as data suggests the growth rate is losing its momentum as the current fiscal comes to an end.

The nominal GDP growth, which is the basis for calculating the fiscal deficit, has been forecast at 11 per cent for the next fiscal. India’s chief economic adviser V.A. Nageswaran, who prepared the report, said inflation was likely to be “well behaved” in the next fiscal, barring headwinds.