Indian economy on course to achieve 8-8.5% growth, says Finance Ministry

India's economy is set to reach the targets set during the tabling of the Economic Survey, according to the Finance Ministry. The calculations are based on high-frequency indicators for the first quarter of this fiscal.

Tabled in January 2022, the Economic Survey projected the real GDP during 2022-23 to grow at 8.0-8.5%.

"Since then, sustained growth momentum has been observed in several High Frequency Indicators (HFIs), indicating that the projected growth path is on course in the first quarter of FY 2022-23," Minister of State for Finance Pankaj Chaudhary said in a written reply to Rajya Sabha.


These projections are in line with the IMF's April 2022 projections, which puts India's real GDP growth at 8.2% in 2022-23.

To keep growth on track, the government has taken multiple measures, according to Chaudhary.

Measures include a cut in excise duty on petrol and diesel and special excise duty/cess on the export of petrol, diesel and aviation turbine fuel.

In addition, Chaudhary said that the RBI's move to hike the repo rate by 50 bps in June was aimed to rein in inflation and will help in keeping indicators on the right path.