Last updated: Feb 03, 2023 4:46 PM IST
In her first post-budget interview with a private news network, Finance Minister Nirmala Sitharaman talks to Rahul Joshi, Group Editor-in-Chief of Network18. Image/News18
Finance Minister Nirmala Sitharaman told Network18 that the desired GDP should be lowered in line with the global situation.
Finance Minister Nirmala Sitharaman said on Friday that no country, including India, can escape global market uncertainty. The comments came after the Economic Review estimated India’s real GDP growth at 6.5%. LIVE updates
Sitharaman told Network18 Group Editor-in-Chief Rahul Joshi that the desired GDP should be lowered in line with the global situation. She added that the government has taken into account all the uncertainties and given its growth forecasts.
Compared to projected growth of 7% in the current fiscal year (April 2022 to March 2023) and growth of 8.7% in the previous year, India’s real GDP is expected to grow by 6.5% in 2023-2024 gg.
“Like the rest of the world, India has also faced a series of extraordinary challenges with tighter financial conditions and supply chain disruptions due to the protracted war in Europe, but has “stood them better than most economies,” the annual document says. detailing the state of the economy. said.
The survey highlighted the fact that “agencies around the world continue to forecast that India has the fastest growing major economy” despite the three Covid-19 shocks, the Russo-Ukrainian war and synchronized increases in interest rates by central banks around the world, which led to higher the US dollar and widening current account (CAD) deficits in net importing countries.
Due to a number of advantages that India has over other countries amid the economic turmoil caused by the COVID-19 pandemic, the government believes that India’s GDP growth is in the range of 6-6.8%, which is still less than 7-%. forecast for the current financial year. , would be doable.
The economic review noted four major positives for India’s growth outlook.
These were; inflationary momentum from China’s openness has proved neither strong nor sustained, recessionary conditions in major advanced economies have led to an end to monetary tightening, and capital flows are returning to India amid stable domestic inflation below 6%.
All of these factors contribute to the limited health and economic impact of the Covid-19 epidemic on the rest of the world. The Economic Review notes that these three variables will lead to a fourth positive outcome – an increase in morale, which will further stimulate private sector investment.
Read all the latest business news here
News DeskThe News Desk is a team of passionate editors and writers who cover and analyze the most important events happening in India and abroad. From the live update…Read More