Updated March 30th, 2024 at 19:02 IST

GDP set to grow 8% or more in January-March quarter: Nirmala Sitharaman

Indian economy is expected to show the same rate of YoY expansion for FY23-24, the Finance Minister said.

Reported by: Business Desk
Finance Minister Nirmala Sitharaman meets cos for Viksit Bharat 2047 | Image:X
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GDP growth: The Gross Domestic Product (GDP) is on track to grow by 8 per cent or more in the quarter ending March 31, Finance Minister Nirmala Sitharaman said on Saturday.

The Indian economy is expected to show the same rate of year-on-year (YoY) expansion for the 2023-24 financial year, Sitharaman added. The Finance Minister cited the impact of improved inflation management and macroeconomic stability.

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"Hopefully the fourth quarter ... will also have (growth) of 8 per cent or above 8 per cent resulting in 2023-24 having an average growth in GDP of 8 per cent  or over 8 per cent," Sitharaman said during an event in the financial hub of Mumbai.

India's GDP data for the January-March quarter is due to be released on May 31.

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World’s one of the fastest growing economies and Asia's third-largest economy grew 8.4 per cent in the October-December quarter year-on-year, outpacing the 7.6 per cent growth recorded for the previous quarter.

India's economy is projected to grow at 7.6 per cent in the current fiscal year to March 31, according to the latest government estimates. 

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(With Reuters inputs)

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Published March 30th, 2024 at 19:02 IST