Amidst reports of a global recession and downgrading of growth rates of almost all major economies, Finance Minister Nirmala Sitharaman exuded confidence on India’s relative and absolute growth performance in the rest of the decade and forecast the country’s growth rate to be around 7 per cent this financial year.
I am aware that growth forecasts around the world are being revised lower. We expect India’s growth rate to be around 7 per cent this financial year. More importantly, I am confident of India’s relative and absolute growth performance in the rest of the decade, she said.India has carved out its growth trajectory supported by the above-normal south-west monsoon, public investment, improvement in capacity utilisation, a broad-based revival in credit growth, strong corporate balance sheets, upbeat consumer and business confidence and receding threat of the pandemic, she underlined.