Finance Minister Nirmala Sitharaman has said that India’s gross domestic product (GDP) will grow by 8 per cent or more in the fourth quarter of the current fiscal year. Addressing an Investment Summit in Mumbai, she said, the economy is expected to show the same rate of year-on-year growth for the 2023-24 financial year due to the impact of improved inflation management and macroeconomic stability.

India, the third-largest economy in Asia, grew 8.4 per cent in the October-December quarter year-on-year, outpacing the 7.6 per cent growth recorded for the previous quarter. Ms Sitharaman said that following the 8.4 per cent growth in the third quarter, various institutions have upgraded their GDP growth forecasts for India. She said, the most recent upgrade came from Goldman Sachs, which has raised its 2024 economic growth projection for India to 6.6 per cent, a 10 basis points improvement from its previous forecast.