Sunday, 24 October 2021 02:46 GMT

India's growth rate double-digit for a decade: Fin Minister Sitharman


(MENAFN- KNN India) India's growth rate double-digit for a decade: Fin Minister Sitharman

New Delhi, Oct 13 (KNN) During a conversation at Harvad Kennedy School, Union Finance Minister Nirmala Sitharaman said that, the Indian economy is expected to have a double-digit growth rate (will likely grow by 7.5-8.5%) for 10 years.

Finance Minister Sitharman gave this statement in view of the growth projection of India shared by rating agencies and the likes of IMF and World Bank.

Earlier this week, the International Monetary Fund (IMF) retained India's gross domestic product (GDP) growth forecasts at 9.5% in FY22 and 8.5% for FY23.

The Reserve Bank of India has also maintained its GDP growth target for FY22 at 9.5%. Global rating agency Moody's expects India's real GDP growth rate to be 9.3% in FY22.

India's GDP grew 20.1% in the June quarter from a year before, giving the illusion of a sharp economic recovery, but it was largely driven by a deeply-contracted (-24.4%) base.

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