Mumbai:
Union Finance Minister Nirmala Sitharaman on Friday said that the Indian economy will grow at 7.4 per cent in the current financial year and will remain at the same level in the next financial year as well.
Speaking at the FE Best Bank Awards ceremony here, Ms Sitharaman said, “Our own projections have also shown based on developments that we are definitely on that range… 7.4 (percent) and this level will continue next year as well.” ” ,
He said that the International Monetary Fund and the World Bank have projected India’s growth rate to be the fastest for the next two financial years and their estimate also matches the Reserve Bank of India’s estimate.
He said the global situation continues to be challenging and now is not the right time to exercise caution with the winds.
He said the export sector will face difficulties as global growth has slowed, and the government will work with such entities to help them tide over adversity.
Meanwhile, underlining that we need a tough debate in favor of freebies, but stressing that political parties making pre-poll promises should make budgetary provisions to take care of expenditure and not other institutions burden should be placed.
Ms Sitharaman said that power distribution companies and generation companies have had to bear the brunt of such free facilities as they do not get paid in some cases or in some cases despite playing no role in the announcements.
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