Indian economy to grow over 7% in FY23, says finance secretary

PTI Updated - August 31, 2022 at 07:56 PM.

Allaying concerns of high imports denting the fiscal architecture, he said the government was on course to meet the fiscal deficit target

Finance Secretary TV Somanathan | Photo Credit: KAMAL NARANG

Indian economy is on course for a 7-plus per cent growth rate in the current fiscal year, finance secretary T V Somanathan said on Wednesday.

Commenting on the first quarter GDP growth rate of 13.5 per cent, he said the economy is 4 per cent 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 per cent of GDP in the current fiscal year ending March 31, 2023.

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

Also, gross fixed capital formation grows 34.7 per cent during April-June, the highest in ten years, he said.

Published on August 31, 2022 14:26