India will grow at 6.5% this fiscal
Country weathering high crude oil prices and increased uncertainty due climate changes: NITI Aayog member
Supporting Factors
♦ NITI rules out GDP data manipulation
♦ PMI data, bank credit growth, increase in capex and consumption patterns to assess the growth - India’s GDP growth in FY23 was 7.2%, lower than 9.1% in FY22turnover of Rs260.84 cr in FY22
New Delhi: The Indian economy will grow at around 6.5 per cent in the current fiscal, notwithstanding high crude oil prices and increased uncertainty due climate changes, NITI Aayog member Arvind Virmani said on Thursday.
Virmani also asserted that the gross household savings ratio in India has consistently gone up. In an interview with PTI, he said: “My growth projection (of India’s GDP growth) is 6.5 per cent plus minus 0.5 per cent. Because my experience is that the fluctuations in global GDP more or less has balanced out for us, assuming normal changes.”
On some US-based economists’ claim that India is overstating economic growth, Virmani said he has noticed that certain former officials don’t have any idea how GDP is constructed as they have come from academic background. Last week, the Finance Ministry also dismissed the criticism of inflated GDP, saying it has followed the consistent practice.