‘Economy on course to achieve 7% growth in 2022-23’

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New Delhi: India’s economy is on course to achieve 7 per cent growth in 2022-23, Finance Secretary T.V. Somanathan said on Wednesday.

Addressing a press conference after the release of GDP data on Wednesday, which showed that first quarter growth in the current fiscal stood at 13.5 per cent, down from 20.1 per cent growth recorded in the corresponding period of last year, he said that India’s GDP has crossed pre-pandemic levels.

“India is on course to achieve 7 per cent growth in the current fiscal,” Somanathan said.

The Reserve Bank of India (RBI) has projected GDP growth to be at 7.2 per cent for 2022-23.

Somanathan also said that the government is on course to meet the fiscal deficit target for the current fiscal.

The country’s fiscal deficit is projected at 6.4 per cent of the GDP for this fiscal ending March 2023 as against 6.71 per cent for the previous year.

The difference between total expenditure and revenue of the government is called fiscal deficit.

At the same time, Somanathan added that there could be more spending on food and fertiliser subsidies during the current financial year.

There would no restrictions on the government’s capital expenditure, he said.

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