India's economy to clock 6% growth in 2023-24 says former Niti Aayog Vice Chairman Rajiv Kumar

India is likely to grow at 6 percent next fiscal and the country can persevere with a high growth rate because of several reforms undertaken during the last eight years by the Narendra Modi government, former Niti Aayog Vice Chairman Rajiv Kumar said on Sunday. Kumar further said major risks going forward will emerge from a synchronized downturn in the North American and European economies.

Kumar added, there are several downside risks, especially in the context of an uncertain global situation.

"These will have to be tackled through careful policy measures designed to support our export efforts and at the same time improve the flow of private investment both from domestic sources as well as from foreign sources," he said.

The projection of The Reserve Bank India's economic growth is at 6.4 per cent for 2023-24, broadly in line with the estimate of the Economic Survey tabled in Parliament.

Gross Domestic Product (GDP) growth is estimated at 7 per cent in 2022-23, according to the first advance estimate of the National Statistical Office (NSO).

The Economic Survey 2022-23 projected a baseline GDP growth of 6.5 per cent in real terms for the next fiscal.

Taking questions on high inflation, Kumar said the Reserve Bank has said that it will ensure that inflation rate is brought under control.