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Indian economy to grow over 7% in FY23, says Finance Secretary

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India’s Gross Domestic Product (GDP) grew at 13.5% in the first quarter of 2022-23, the fastest pace in four quarters

India’s Gross Domestic Product (GDP) grew at 13.5% in the first quarter of 2022-23, the fastest pace in four quarters

Indian economy is on course for over 7% growth rate in the current fiscal year, finance secretary T.V. Somanathan said on August 31.

Commenting on the first quarter GDP growth rate of 13.5%, he said the economy is 4% above pre-COVID levels.

Allaying concerns of high imports denting the fiscal architecture, he said the government was on course to meet the fiscal deficit target of 6.4% of GDP in current fiscal ending March 31, 2023.

Also Read | Finance Minister to review state of economy at FSDC meeting on September 15

Economic Affairs Secretary Ajay Seth said GST collection for August is likely to remain in the range of ₹1.42-1.43 lakh crore, in signs of buoyancy in economy.

Also, gross fixed capital formation grows 34.7% during April-June, highest in 10 years, he said.



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