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Nirmala Sitharaman stated that GDP growth will be 7.4% in the current fiscal year, and that this rate will be maintained next year

According to Union Finance Minister Nirmala Sitharaman, the country’s economic growth rate will be 7.4% in fiscal year 2022-23. He also stated that this pace will be maintained next year.

MUMBAI: Union Finance Minister Nirmala Sitharaman said on Friday that the Indian economy will expand at a 7.4% annual rate in fiscal year 2022-23. He predicted that this momentum would continue in the coming fiscal year. Sitharaman stated at the FE Best Bank Awards event here that “our own estimates based on activities suggest that we are definitely at this level of 7.4 (percentage point) and that this level will continue next year.” He stated that the International Monetary Fund and the World Bank forecast India’s growth rate to be the fastest for the next two fiscal years, and that their forecast matches the Reserve Bank of India’s forecast.

According to the finance minister, the global situation remains challenging, and there is a need to be cautious. He predicted that the export sector would face difficulties as global growth slowed. The government will collaborate closely with these institutions to help them face adversity.

He believes that a substantive debate on freebies is necessary. Simultaneously, he emphasized that political parties making promises before elections should make budgetary provisions to cover the costs and not burden other institutions. According to Sitharaman, power distribution and generation companies must bear the brunt of such freebies.

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