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The country’s Finance Minister Nirmala Sitharaman said that due to the general elections and reduction in capital expenditure, there has been a slowdown in the pace in the first quarter. However, its impact has been seen significantly in the second quarter also. Nirmala Sitharaman further said that compensation will be done in the third quarter.
On Friday, Finance Minister Nirmala Sitharaman said that there has been a lot of slowdown in the economic growth rate in the country in the September quarter and it is not systemic and its impact has been seen on the second quarter as well. Nirmala Sitharaman further said that compensation will be done in the third quarter. In the July-September quarter, the country’s gross domestic product (GDP) grew at the rate of 5.4 percent, the lowest level in seven quarters. Whereas the growth rate in the April-June quarter was 6.7 percent.
Nirmala Sitharaman further said- India’s economy will grow next year
He said that in such a situation it is not necessary to have a negative impact on the growth figures. He said, we also need to pay attention to many other factors. The Finance Minister said that India will remain the fastest growing economy in the next year and beyond. The pace of growth remained sluggish in the first quarter due to general elections and reduction in capital expenditure. This has affected the second quarter also. In the first half, the government spent only 37.3 percent of its capital expenditure target of Rs 11.11 lakh crore for financial year 2024-25. Sitharaman said other factors impacting economic growth include stagnation in global demand, which has impacted export growth. He said, the purchasing power of Indians is increasing, but within India you also have concerns about stagnation of wage growth. We are well aware of these factors. These may have an impact on India’s own consumption.
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