India on track to achieve 6.8-7% GDP growth this fiscal: CEA Nageswaran

Chief Economic Advisor, V Anantha Nageswaran stated on Wednesday that the Indian economy is on track to achieve a 6.8-7% GDP growth in the current fiscal year. He said the economic recovery momentum is continuing and the GDP is averaging the 2019-20 level.

“In 2022-23, the economy is on track to reach a 6.8-7% growth in the current fiscal,” he said, adding festival sales, PMI, bank credit growth and auto sales data shows that the economy has maintained momentum despite global headwinds.

According to IMF data, the projections for the Indian economy is set to grow at 6.8%, while the RBI had pegged it at 7%.

India’s economic growth slowed down to 6.3 per cent in the July-September quarter of this fiscal, as against 8.4 per cent in the same period 2021-22. India’s economy grew by 9.7% growth in the first half (April-September) of this fiscal.
(With inputs from PTI)

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