Indian economy to grow over 7% in FY23, says Finance Secretary

India’s Gross Domestic Product (GDP) grew at 13.5% in the first quarter of 2022-23, the fastest pace in four quarters

Dr. T.V. Somanathan, Finance Secretary Government of India. File | Photo Credit: M. Vedhan

Indian economy is on course for over 7% growth rate in the current fiscal year, finance secretary T.V. Somanathan said on August 31.

Commenting on the first quarter GDP growth rate of 13.5%, he said the economy is 4% above pre-COVID levels.

Allaying concerns of high imports denting the fiscal architecture, he said the government was on course to meet the fiscal deficit target of 6.4% of GDP in current fiscal ending March 31, 2023.

Economic Affairs Secretary Ajay Seth said GST collection for August is likely to remain in the range of ₹1.42-1.43 lakh crore, in signs of buoyancy in economy.

Also, gross fixed capital formation grows 34.7% during April-June, highest in 10 years, he said.