India The US economy recorded strong growth last year, supported by sustained consumption and investment demand despite a challenging global outlook. India’s Economic Affairs Secretary Ajay Seth told a World Bank committee on Thursday that the GDP growth estimate for the fiscal year, which has been raised from 7.3 percent to 7.6 percent in the second advance estimate, reflects the enduring strength and resilience of the Indian economy. Is.
8% growth recorded for 3 consecutive quarters
Seth said, ‘India has registered a growth of more than eight percent for three consecutive quarters in the financial year 2023-24, which confirms its position as an excellent performer amid sluggish global growth trends.” He said. Said, “Similar views have been expressed by various agencies, which have revised India’s growth forecast for fiscal year 2023-24 by close to eight percent.” India’s proactive stance on reforms and investment towards sustainable development sets a benchmark for emerging economies.”
Private investment continued with emphasis on capital expenditure
This time the Indian delegation has registered its presence at the official level in a meeting of the International Monetary Fund and the World Bank. Union Finance Minister Nirmala Sitharaman is not attending this annual meeting due to the ongoing Lok Sabha elections. Seth told the development committee that private investment continued due to India’s emphasis on capital expenditure. Resulting in an increase in Gross Fixed Capital Formation (GFCF) at constant prices and a growth of more than 10 per cent in FY 2023-24.
Digital transactions were highest
Seth also emphasized that India has the highest number of digital transactions globally with a share of 46 percent in global transactions in the year 2022. He said that the monthly transactions in March 2024 were 13.44 billion, the total amount of which came to Rs 19,780 billion. Seth told the Development Committee that the Indian capital market remains one of the best performing markets among emerging markets in FY 2023-24, in line with India’s continued growth in the global economic landscape.
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