Finance Minister Nirmala Sitharaman trusts, economy will not stop despite turmoil, 6.5%

Nirmala Sitharaman On GDP: Union Finance Minister Nirmala Sitharaman hopes that despite the global tension, better domestic consumption and investment will not make any difference to India’s economy and an economy will move forward with a growth rate of 6.5 per cent. Nirmala gave this information to the International Currency and Financial Committee (IMFC) last week. The Finance Minister has claimed this at a time when India’s growth rate has been estimated by many international agencies.

In a written statement to the IMF advisory institution, the Union Finance Minister in Washington said that due to the fall in the price of crude oil, inflation inside India is expected to be around 4 percent due to the financial year 2026.

He further said that the export of services on the external front is expected to remain strong, along with the softening of crude oil is good in terms of softening. It is worth noting that during the latest Economic Survey, it was said that in the financial year 2026, India’s GDP can be between 6.3 percent to 6.8 percent.

However, the IMF last week reduced India’s growth rate by 30 basis points to 6.2 per cent in its financial year 2026 due to global uncertainties and economic weakness in its estimate. Whereas the World Bank also reduced its growth estimate in India by 40 basis points to 6.3 percent.

The Union Finance Minister said that it is expected to remain in the surplus of net services and money remittance receipts. Along with this, the business deficit will be somewhat partially compensated during the current financial year.

Nirmala further stated that the current account deficit for the financial year 2024-25 and 2025-26 is expected to be within a stable level. Gross FDI (FDI) is expected to be strong during April to January 2024-25, which shows India’s strong and beautiful basic things.

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