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

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India’s gross domestic product (GDP) will grow by 8% or more in the fourth quarter of the current fiscal year, Finance Minister Nirmala Sitharaman said on Saturday.

Sitharaman said the economy is expected to post the same year-on-year rate of expansion in FY 2023/24 due to the impact of better inflation management and macroeconomic stability .

“I hope that the fourth quarter… will also have (growth) of 8% or more than 8%, which will translate into average GDP growth of 8% or more than 8% in 2023/24 ” Sitharaman said at an event in the financial hub. from Bombay.

Indian GDP data for the January-March quarter is expected to be released on May 31.

India, Asia’s third-largest economy, recorded 8.4% year-on-year growth in the October-December quarter, surpassing the 7.6% growth recorded in the previous quarter.

According to the government’s second preliminary estimates, GDP is expected to grow by 7.6% in the current financial year to March 31. Reserve Bank of India Governor Shaktikanta Das, however, said the final figure could exceed government estimates. “I would not hesitate. “To say that India’s GDP growth in FY24 will exceed 7.6%, it could be closer to 8%,” he said in a interview with ETNow earlier this month.

“So, 9.7%, 7% and 7.6%. If you take the average, it is 8%. And the 7.6 may be closer to 8%. So the dynamic continues to be very strong and so we are quite optimistic for next year,” Das added.

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