Union Finance Minister Nirmala Sitharaman on 26 August said that India's Gross Domestic Product (GDP) will grow at 7.4 per cent in FY22-23 and continue at the same level in FY24 as well.
Speaking at the 'The Financial Express: India's Best Bank Awards 2022', the Finance Minister said that despite the caution continues, India is still the fastest growing economy. "GDP will grow at 7.4% this fiscal and continue at the same level in FY24 as well," she said.
Apart from this, the FM said that digital payments are a public good. People should be able to use it freely and so it's not time to charge for it, she added.
On the issue of freebies, she said, "If a promise is made to people at the time of elections, a party should make a provision in the budget for the fulfilment. Promise of a freebie cannot be burdened on someone else.
Among other things, Sitharaman was of the opinion that since the corporate tax collection has been high, it cannot be without private investment. While on Goods and Services Tax (GST), she added that the Group of Ministers is looking at simplification and rationalisation of GST. The FM also
Earlier in the day, the Mint poll of 21 economists said that the Indian economy may have grown at the fastest pace in a year during April-June, driven by a recovery in contact-intensive sectors, but on a low base.
Also, the Reuters poll of 51 economists have forecast India's economy to have expanded by an annual 15.2% in the April-June quarter. The RBI's had earlier forecast India's GDP of 16.2% for the Q1 FY 22-23. The data will be released at 5.30 pm IST on 31 August.
