Nirmala Sitharaman Said - GDP Will Grow At The Rate Of 7.4% This Year, And Advice Was Given To Parties Distributing Free Gifts

Finance Minister Nirmala Sitharaman has said that the GDP will grow at the rate of 7.4% in this financial year and it is expected to remain at the same level in the financial year 23-24 as well. During this, Finance Minister Nirmala Sitharaman also said that political parties promising free gifts before elections should make budgetary provisions for the expenditure on coming to power.

He said that the International Monetary Fund and the World Bank have also projected India's growth rate to be the fastest in the next two financial years and their projections are in line with the Reserve Bank of India's projections. Along with this, he also said that the global situation continues to be challenging. The Finance Minister was speaking during the FE Best Banks Awards event on Friday.

During this, the Finance Minister also said that the country's export sector will face difficulties as global growth has slowed down. On the other hand, he assured the exporters that the government will continue to cooperate with such institutions so that they can face adversity.

Inflation still in critical condition: RBI Deputy Governor
On the other hand, RBI Deputy Governor Michael Debabrata Patra has said that the inflation trajectory still remains serious. This is due to geopolitical developments and rising prices of commodities in the international market.

The decision to increase the repo rate was taken to deal with inflation
He said the RBI has stepped up its monetary policy response to cushion the impact of inflation. It has been decided to increase the benchmark rate by 140 basis points so far in order to tackle the high inflationary situation. Inflation has remained above 6 percent for the last seven months. RBI's Monetary Policy Committee (MPC) earlier this month decided to raise the repo rate with a focus on inflation to ensure that inflation remains within the target set by the RBI while supporting growth. are.

SAARC countries are at risk of inflation-induced recession
Central bank deputy governor Michael Patra has said that the member countries of the South Asian Association for Regional Cooperation (SAARC) are under the threat of an inflation-related slowdown. Patra said these things during an address given on 24 August which was made public on Friday.

India to join an alliance to set a price cap on Russian oil: US
The US has asked India to join an alliance to fix the price cap of Russian oil. The aim is to reduce income for Moscow and soften global energy prices. US Deputy Treasury Secretary Wally Adeyemo, who is on a three-day visit to India, discussed measures to limit Russia's earnings following the invasion of Ukraine. During this, measures to strengthen economic ties between the two countries were also discussed.