The financial year 2023-24 proved to be good for the Indian economy. The domestic economy continued to perform well during the financial year and the pace of growth was better than expectations. According to Finance Minister Nirmala Sitharaman, the Indian economy can continue its excellent performance even in the last quarter ending today and the growth rate can remain more than 8 percent.
For these reasons, the Finance Minister is hopeful.
Finance Minister Nirmala Sitharaman was participating in an event in Mumbai on Saturday. During that time he talked about the economy. He said that India's gross domestic product (GDP) can grow at a pace of 8 percent or more even in the last quarter of the current financial year (2023-24). This expectation of the Finance Minister is due to better management of inflation and improvement in macroeconomic stability.
The average of the financial year will improve
He said, it is expected that in the fourth quarter also we Will achieve growth rate of 8 percent or more than 8 percent. In this way we can achieve an average growth rate of 8 percent or more for the entire financial year 2023-24. There has been improvement on the front of inflation management and macroeconomic stability. Its benefit can be seen in the economic growth rate.
This was the situation of the last quarter
The financial year of April to March is followed in India. In this way, today is the last date of both the financial year 2023-24 and this financial year. GDP figures for the three months of January-March 2024 will be released on May 31, exactly two months from now. Earlier, during the December quarter, the Indian economy had grown at the rate of 8.4 percent, beating the estimates of various agencies and experts including RBI. Before that, the growth rate in the September quarter was 7.6 percent. According to the second advanced estimate of GDP, the government expects the growth rate to be 7.6 percent in the March quarter.
RBI Governor also has hope
RBI Governor before Finance Minister Sitharaman. Shaktikanta Das has also expressed hope that the growth rate in the March quarter will be better than estimated. During a conversation with a channel earlier this month, he had said that India's economic growth rate in the March quarter could be around 8 percent, higher than the government estimate of 7.6 percent. >Read this also: Mutual fund investors got relief, this news came before the KYC deadline
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