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Economy

“8.3% growth for three continuous quarters”, says Finance Minister Sitharaman

March 28, 2024 4:57 PM IST

Finance Minister Nirmala Sitharaman | Rajeev Chandrasekhar

Union Finance Minister Nirmala Sitharaman expressed confidence in India’s economic growth momentum by citing three consecutive quarters with growth rates exceeding 8 percent, with the third quarter registering a remarkable 8.3 percent growth.

This occurred during a parliament election convention organized by Thiruvananthapuram BJP candidate Rajeev Chandrasekhar.

Sitharaman said, “Three continuous quarters, we have had more than 8 per cent growth. 8.3 was quarter three.” Further added that, “If the economy, after all the trouble, has reached this level, then we are confident that we can sustain growth momentum.”

Sitharaman urged every state to actively participate in India’s economic development and emphasised that the growth trajectory transcends political boundaries, benefiting the entire nation and its youth. She noted the increasing attractiveness of India to investors, attributing it to the growing potential of the middle class.

Sitharaman said, “Today investors are coming to India because they see the potential of middle class growing.”

Highlighting the pivotal role of the middle class in driving economic expansion, Sitharaman emphasised the importance of maintaining their purchasing power.

She projected a significant rise in the middle-class population by 2030, with an estimated 70 crore people, further increasing to 100 crore by 2047.

Sitharaman underscored the immense potential for economic activity and service sector growth in India, emphasising the need to capitalise on these opportunities.

“Purchasing power in the hands of the middle class is intact and as a result of demand grow, that by 2030 we will have 70 crore people in the middle class and by 2047 this number would go to 100 crore,” stated the Finance Minister.

Sitharaman reiterated that India holds vast potential for growth, emphasizing the need for concerted efforts to sustain this trajectory.

She emphasised the government’s commitment to supporting economic growth, noting that since 2020, there have been no increases in taxation rates, whether direct or indirect.

Prime Minister Narendra Modi’s leadership was hailed for maintaining fiscal stability while fostering an environment conducive to growth.

Sitharaman said, “There is so much activity to be done, so much production to be done, so much service sector growth to be seen. The potential lies in India and therefore we need to importantly see how we can sustain this growth.”

She added, “This growth post 2020 has been achieved without any increase in any taxation anywhere. Prime Minister Modi clearly has not increased any rates, direct or indirect.”

(Inputs from ANI)

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