Festival sales, PMI, bank credit growth and auto sales data show the economy has maintained momentum despite global headwinds, chief economic adviser V. Anantha Nageswaran said. | Photo credit: The Hindu

India’s economy is on track to achieve GDP growth of 6.8-7% in the current fiscal year, Chief Economic Advisor V. Anantha Nageswaran said Nov. 30.

He said the momentum of economic recovery continued and GDP averaged at the 2019-20 level.

“In 2022-23, the economy is on track to achieve 6.8-7% growth in the current fiscal year,” he said, adding that festival sales data, the PMI, bank credit growth and auto sales show that the economy has maintained its momentum despite globalization. headwinds.

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The IMF forecast India’s economy to grow at 6.8% this fiscal year, while the RBI pegged it at 7%.

India’s economic growth slowed to 6.3% in the July-September quarter of this fiscal year from 8.4% in the same period of 2021-22.

India’s economy grew by 9.7% in the first half (April-September) of this fiscal year.