India’s gross domestic product (GDP) (INGDPQ=ECI) is poised to achieve a growth rate of 8% or higher in the quarter ending March 31, as stated by Finance Minister Nirmala Sitharaman on Saturday.
Sitharaman further indicated that the economy is anticipated to maintain the same level of year-on-year expansion throughout the 2023/24 financial year, attributing it to the positive impact of enhanced inflation management and macroeconomic stability.
“Hopefully the fourth quarter … will also have (growth) of 8% or above 8% resulting in 2023/24 having an average growth in GDP of 8% or over 8%,” Sitharaman remarked during an event held in Mumbai, the financial capital.
The release of India’s GDP data for the Jan-March quarter is scheduled for May 31.
In the October-December quarter, Asia’s third-largest economy experienced a growth rate of 8.4% year-on-year, surpassing the 7.6% growth recorded in the preceding quarter.
According to the latest government estimates, India’s economy is forecasted to expand by 7.6% in the current fiscal year, ending on March 31.
