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NRIPage | Articles | Sitharaman Calls GDP Dip a Temporary Blip, Sees Strong Growth Ahead | Get Influencers & Content creation. Discover the Leading Voices Shaping Trends - NRI Page
Finance Minister’s View on GDP Growth:
In a recent statement, Finance Minister Nirmala Sitharaman addressed the lower-than-expected growth in India’s GDP for the September quarter, calling it a "temporary blip." She emphasized her confidence that India’s economy will regain strong growth in the upcoming quarters. Despite the slowdown in the second quarter, she highlighted that India remains the fastest-growing major economy globally. Sitharaman also shared that India has shown "steady and sustained" growth over the past three years, with an average GDP growth rate of 8.3%, and that the dip in the second quarter was part of broader global challenges, with India still maintaining solid growth compared to other economies.
Manufacturing and Sectoral Growth:
Sitharaman pointed out that the slowdown in GDP growth wasn’t driven by a broad-based decline in the manufacturing sector. Instead, she mentioned that many sectors within manufacturing continue to perform well, with half of the sectors in the Index of Industrial Production remaining strong. She reassured the public that no generalized slowdown in manufacturing was expected, with the decline being confined to only a few segments. This indicates that the manufacturing sector still has substantial strength, which could help boost the economy in the coming quarters.
Government Spending and Economic Strategy:
The Finance Minister also discussed the government’s strategy to sustain economic growth, highlighting the government’s capital expenditure (capex) plan. Between July and October 2024, capital expenditure saw a growth of 6.4%, with the government allocating Rs 11.11 lakh crore for capex in the current financial year. Sitharaman explained that such expenditure has a multiplier effect, potentially yielding a return of 4.3 times for every rupee spent on capital accounts compared to just 0.98 times for every rupee spent on revenue accounts. The government is focused on boosting infrastructure and investments, which are expected to drive growth and bring long-term economic benefits.
