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India
02.02.24 15:35
Economics

India's Finance Ministry: The country's economy to grow by 7 per cent in the next financial year

This forecast has been made on the basis of strong domestic demand

The Indian economy will grow at around seven per cent in the financial year 2024-25. This was stated in the Finance Ministry's monthly review report.

The Indian economy grew at 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow at 7.3 per cent in the current financial year (2023-24). This will enable it to remain the fastest growing economy.

The resilience of domestic demand – private consumption and investment is attributed to reforms and measures taken by the government over the last 10 years, said a report released by the Department of Economic Affairs.

However, there is significant scope for the growth rate to be well above seven per cent by 2030, the report said: "Rapidly evolving digital infrastructure is constantly making institutions more efficient. Technological advances are gaining momentum along with increased co-operation with foreign partners in the production of goods and services. Decisive steps have been taken to accelerate human capital formation. Finally, the overall investment climate is becoming increasingly favourable due to continued ease of doing business."

In the next three years, India will become the third largest economy in the world with a GDP of five trillion US dollars, the report claimed.

India can become the economy with a GDP of seven trillion US dollars in the next six to seven years (by 2030). This is reported by ANI, a partner of TV BRICS.

Photo: IStock

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