Q1 data points to 8-8.5% growth: Finance ministry

New Delhi: Finance ministry on Tuesday said that the economy is on course to achieve projected 8-8.5 per cent growth based on high-frequency indicators for the first quarter of the current fiscal.

The Economic Survey tabled in the Parliament on January 31, 2022, projected the real GDP during 2022-23 to grow at 8-8.5 per cent. "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. IMF, in its April 2022 update of World Economic Outlook, has also projected India's real GDP growth at 8.2 per cent in 2022-23.

To ensure continued growth momentum, he said, the government has taken several steps to address high inflation imported from abroad. These include cut in excise duty on petrol and diesel and special excise duty/cess on the export of petrol, diesel and aviation turbine fuel that are likely to alleviate inflationary pressures, he said.