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Ahead of Budget 2023, UN tells India to 'stay the course, but be cautiously optimistic'

Christopher Garroway, an economist with the UN, said the Indian government's decision last month to end the free foodgrain scheme and provide the benefits under the National Food Security Act for the entirety of 2023 was a good example of a "measured approach".

January 26, 2023 / 06:44 AM IST
Representative Image

Representative Image

Days before Finance Minister Nirmala Sitharaman presents the Budget 2023, India has seemingly got a thumbs-up from the United Nations (UN), asking it to "stay the course" and be cautiously optimistic.

"I would say stay the course, but also be very cautiously optimistic about the future, be realistic in how you commit policy choices," Christopher Garroway, an economist with the UN Resident Coordinator's Office in India, told reporters on January 25.

Garroway was speaking in New Delhi at the release of the UN's World Economic Situation and Prospects 2023 report. In its report, the multilateral organisation cut its GDP growth forecast for India for the calendar year 2023 by 20 basis points to 5.8 percent. However, the downward revisions made for some other countries were much larger.

"I would say that make sure in the Budget, sustainability of the Indian economy, Indian society, and India's ambitious approach to environmental issues stay the course," Garroway further commented on the upcoming Union Budget.