Minister of Finance and Corporate Affairs, Nirmala Sitharaman has said that GDP will grow at 7.4 pc this fiscal and continue at the same level in FY24 as well.
“Our own estimates have also shown based on the developments, that we are definitely at that range…7.4 (per cent) and that level will continue even next year,” Sitharaman said, speaking at the FE Best Banks Awards event in Mumbai.
“International Monetary Fund and the World Bank have projected India’s growth to be the fastest for the next two fiscal years, and their estimates are in sync with that of the Reserve Bank of India as well,” the FM said.
“The global situation continues to be challenging and it is not the right time to throw caution to the winds as yet,” she added.
“The export sector will face difficulties as the global growth slows down, and the government will work with such entities to face the headwinds,” she said.
Meanwhile, underlining that we need a rigorous debate on the freebies side, but stressed that political parties making pre-poll promises should make budgetary provisions for taking care of the expenditures and not push the burden on other entities. Sitharaman said power discoms and generating companies have been seen to bear the brunt of such freebies as they get paid in part or in some cases not at all, despite having no role to play in the announcements.
(With PTI inputs)