Indian Economy: Economic Affairs Secretary Ajay Seth said on Wednesday that even though the country’s economic growth has slowed down in the September quarter, the overall growth rate in the current financial year will be 6.5 to 7.0 percent. There is no risk of much downside. Ajay Seth said in the program of industry body FICCI that in the second quarter of the current financial year, some goods and services have not grown as fast as last year, but the figures of e-way bill and e-invoice have increased by 6.5 to 7.0 percent. This does not indicate the possibility of any significant decline in the growth rate. Keep in mind that in the economic review, the growth rate in the current financial year is estimated to be 6.5 to 7.0 percent.
Inflation rates are not a challenge for India – Economic Affairs Secretary
The Economic Affairs Secretary also said that food prices have been a matter of concern but apart from this inflation rates are not a challenge for India. Regarding capital expenditure, Ajay Seth said that there may be some decrease in the capital expenditure of the government as compared to the target of Rs 11.11 lakh crore for the current financial year, but the capital expenditure will be more than Rs 9.5 lakh crore of the last financial year.< /p>
There is no risk of going below the estimate of 6.5-7 percent growth – Ajay Seth
Ajay Seth also said that we started the year in the economic review with an estimate of 6.5-7 percent growth. I don’t see any significant risk of it going down. The second quarter data indicates that some products or some services may not be at the same level where they were about a year or two ago. Specifically I am looking at the reference of e-way bill or e-challan in the month of October. They report a different number. This does not indicate that there is any risk of falling below the 6.5-7 per cent growth forecast at the beginning of the year.
The country’s economic growth rate in the April-June period of the financial year 2024-25 has been 6.7 percent. Although this is the slowest growth in five quarters, but with this growth rate India is one of the fastest growing major economies in the world. The country’s economic growth rate was 8.2 percent in the financial year 2023-24.
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