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Informist, Tuesday, Feb. 11, 2025

 

--Sitharaman: To continue taking steps to ensure econ grows at fast pace    
--Sitharaman: Strong econ foundation enabling speedy growth recovery  

 

NEW DELHI – India's strong economic foundation is helping the country's GDP growth to recover faster from the slowdown seen earlier this year, Finance Minister Nirmala Sitharaman said on Tuesday. India's GDP growth had slumped to a seven-quarter low of 5.4% in Jul-Sept.

 

"We shall take measures, which will going forward, help keep our economy growing fastest, as in the last two years," Sitharaman said in Lok Sabha replying to a discussion on the Budget for 2025-26 (Apr-Mar). "We will continue to remain the fastest growing economy."   

 

India's GDP, which grew 8.2% in FY24, is projected to grow at 6.4% in the current fiscal year, the slowest in four years, according to the first advance estimate by the National Statistics Office.   

 

In a bid to boost consumption demand in the economy and catalyse growth, the Budget for FY26 has proposed to fully exempt those with income up to INR 1.2 million from income tax. The Budget also proposed tweaks to income tax slabs, which can provide tax benefits of up to INR 110,000 per year. The government has projected a GDP growth of 6.3-6.8% for next year.  End

 

Reported by Krity Ambey

Edited by Saji George Titus

 

 

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