Tamil Nadu’s Gross State Domestic Product (GSDP) is estimated to have grown at around 14 per cent in nominal terms in 2022-23 and it is likely to be sustained at the same level next year, Finance Minister Palanivel Thiaga Rajan said in his budget speech for 2023-24.
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The Indian economy has recovered to an extent from the COVID-19 pandemic-induced shock. The growth for the current year is estimated at 7 per cent in constant terms. However, amidst a grim outlook with global uncertainties caused by the war in Ukraine, high inflation and fears of recession, the growth of the Indian economy for 2023-24 is pegged at 6.5%, the Minister noted.
Tamil Nadu’s economic growth has been enabled by proactive initiatives taken by the State government to attract investments, generate employment and carry out policy initiatives for comprehensive and sustainable growth, the Finance Minister said.
For the year 2023-24, it is projected that the nominal GSDP growth of the State will be sustained at the level of 14%, as projected for 2022-23, he said.
In subsequent years, the nominal GSDP growth is estimated at 13% and 12% for 2024-25 and 2025-26 respectively, Mr. Rajan said.