Indian Economy Growth: The next two years will be the best for the Indian economy, the growth rate will be 7.4 percent
Highlights
- Next two years are the best for the Indian economy
- Political parties making promises before elections should make budgetary provisions to take care of expenses
- Deadline for free food distribution initiative ends in September
Indian Economy Growth: Union Finance Minister Nirmala Sitharaman India on Friday said that the Indian economy will grow at a rate of around 7.4 per cent in the financial year 2022-23. he said next Financial year This pace will continue in me as well. Sitharaman said at the FE Best Bank Awards event, “Estimations based on the activities suggest that we will certainly be at this stage. 7.4 (per cent) and this level will continue for the next year also.
Next two years are the best for the Indian economy
They International Monetary Fund (IMF) and cited growth forecasts of other institutions. Sitharaman said that the International Monetary Fund and the World Bank have projected India’s growth rate to be the fastest for the next two financial years and their estimate also matches the Reserve Bank of India’s estimate. The global situation continues to be challenging and there is a need to be careful about the situation.
target on opposition
He said the export sector will face difficulties, as global growth has slowed down. The government will work closely with these institutions, so that they can face adversity. A solid debate is needed about freebies. At the same time, he emphasized that political parties making promises before the elections should make budgetary provisions to take care of the expenditure, and not burden other institutions. Electricity distribution companies and generation companies have had to bear the brunt of such free facilities.
new investment needed
To a question about private sector capital expenditure, he said high tax collection indicates new investment by the industry and setting up of manufacturing units. Some believe that private investment is less than expected. The Finance Minister said tax collection cannot increase without fresh investments and asked the corporate sector to make this aspect more clear. He also rubbished the story of the Center snatching revenue through cess and surcharge. Sitharaman said the cess collected by the Center is ultimately spent on building health, education and infrastructure in the states itself. He claimed that the Center spends more money than it has accumulated in a particular state by way of such cess and surcharge.
Asked about the continuation of the free food distribution initiative started during the COVID-19 pandemic, he said the government would take a decision. The deadline for this plan ends in September.
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