India’s GDP update
Finance Minister Sitharaman anticipates that India’s GDP will see growth of 8% or higher in the March quarter and for the fiscal year 2023-2024.
Sitharaman mentioned that the economy is projected to maintain a consistent year-on-year expansion rate for the 2023/24 fiscal year, attributing it to enhanced inflation control and macroeconomic stability.
“Ideally, the fourth quarter… should also exhibit growth of 8% or higher, thus ensuring that the GDP growth for 2023/24 averages at least 8%,” she stated during an event in Mumbai, the financial epicenter. India’s GDP figures for the January-March quarter are scheduled for release on May 31st.
Speaking about inflation, the finance minister stated that the government is collaborating closely with the Reserve Bank of India (RBI) to maintain inflation within acceptable bounds, with particular attention to curbing food inflation.
Sitharaman recognized that seasonal fluctuations in food supply could lead to inflationary pressures but assured that the situation is being managed effectively, thanks to a specialized group of ministers overseeing the issue.
