Nirmala Sitharaman claims GDP growth rate will be 8 percent in March quarter

Ronit Kawale
Ronit Kawale - Senior Editor
3 Min Read
Nirmala Sitharaman claims GDP growth rate will be 8 percent in March quarter


highlights

The average growth rate in the entire financial year 2023-24 is expected to be eight percent.
India's growth rate during the October-December 2023 quarter has been 8.4 percent.
Finance Minister Nirmala Sitharaman says that the economy is moving in the right direction.

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New Delhi. Finance Minister Nirmala Sitharaman says that during the fourth quarter of the current financial year, the growth rate of the Indian economy (Indian GDP Growth Rate) can be eight percent or more. Nirmala Sitharaman made this claim while addressing an event organized in the Financial Hub of Mumbai. It is noteworthy that many rating agencies have also described the Indian economy as 'strong'. Recently, S&P Global Rating Agency had also increased the growth estimate of Indian GDP.

Citing better inflation management and macroeconomic stability, Finance Minister Nirmala Sitharaman said that the growth rate is expected to be similar on an annual basis in the financial year 2023-24 also. Due to this, the average growth rate in the entire financial year 2023-24 will be eight percent or more. The government will release the fourth quarter economic data on May 31. India's growth rate during the October-December 2023 quarter has been 8.4 percent. According to the latest advance estimate of the government, the growth rate in the current financial year may be 7.6 percent.

S&P had also increased growth estimates
Rating agency S&P has increased India's GDP estimate by 40 basis points to 6.8 percent for the financial year 2024-25. This assessment of S&P Global is less than Fitch's estimate of 7 percent but equal to Moody's estimate of 6.8 percent. This is less than the estimate of 7 percent by the government and the Central Bank of India. The agency has estimated India's GDP to be 7.6 percent in the current financial year 2023-24. While S&P has increased the growth forecast of the Indian economy, China's GDP growth is likely to decline from 5.2 percent in FY 2025 to 4.6 percent in FY 2025.

Indian economy can achieve 10% growth rate
Recently, Reserve Bank Deputy Governor Michael Debabrata Patra had said that India can achieve a growth rate of 10 percent in the next decade. He said that India is overcoming challenges through its energy and changes. In such a situation, India can become the world's second largest economy by 2032 and the world's largest economy by 2050.

Tags: Economy, GDP, GDP growth, Nirmala Sitharaman

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