Mumbai, March 13 (Punjab Khabarnama) – India’s real gross domestic product (GDP) growth rate will be close to eight percent in the financial year 2023-24 due to acceleration in industrial and service sector activities. Chief Economic Adviser (CEA) V Ananth Nageswaran gave this information on Tuesday. Addressing an event of the Registered Investment Advisers Association (ARIA) via video conference, he said the growth would be higher than the statistics ministry’s estimate of 7.6 percent.There are several reasons to be optimistic about India’s prospects in the near term, he said. “If the fourth quarter GDP figures are not much lower than the pace seen in the first three quarters, then the GDP growth rate will be 7.6 per cent instead of 7.6 per cent,” Nageswaran said. It will be close to eight percent,” said Nageswaran.It may be mentioned that the Ministry of Statistics has estimated the growth rate to be 7.6 percent in the current financial year. However, he stressed the need to work humbly towards the goal without basking in the euphoria of victory. He said that as a country we have to maintain the fast pace not for the short term but for the long term.The CEA said that industry and services are expected to grow in 2023-24, while the agriculture sector is lagging due to erratic monsoons. It also said that higher sowing of winter crops, reduction in El Nino and normal monsoons are expected. Hopes augur well for the agriculture sector.
