Finance and Corporate Affairs Minister Nirmala Sitharaman said that GDP will grow at a rate of 7.4 per cent in this fiscal year and will continue at the same level in fiscal year 24 as well.
Speaking at the FE Best Banks Awards in Mumbai, Sitharaman said, “Our estimates also based on developments, have shown that we are definitely in this range… 7.4 (percent) and that level will continue until next year.” .
“The International Monetary Fund and the World Bank have forecast India’s growth to be the fastest in the next two fiscal years and their estimates are in line with those of the Reserve Bank of India as well,” the foreign minister said.
“The global situation remains challenging and it is not yet the time to put caution on the winds,” she added.
“The export sector will face difficulties with the slowdown in global growth, and the government will work with these entities to face the headwinds,” she said.
In the meantime, he stressed that we need to have a tough discussion on the free side, but he stressed that political parties that make promises before the vote should make budget allocations to take care of expenses and not pay the burden on other entities. Sittraman said disruptions to power and generation companies have been noted to bear the brunt of such freebies as they get paid partially or not at all in some cases, although there is no role to play in advertising.
(with PTI input)