Business news : Growth rate may be around eight percent in the current financial year

With the boom in activities in the industry and service sectors, the country’s economic growth rate may be around eight percent in the current financial year. Chief Economic Adviser (CEA) V Ananth Nageswaran said the statistics ministry’s estimate is 7.6 per cent. But, the growth rate will be higher than this.

Nageswaran said on Tuesday, unless the fourth quarter GDP figures are much lower than the pace that we have seen in the first three quarters, the growth rate will be closer to 8 per cent instead of 7.6 per cent. However, there is also a need to work headlong towards the goal without succumbing to enthusiasm. He said, as a country we should realize that we are working for the long term and not for the short term. Industry and services are showing growth for the current financial year. Due to delayed and irregular monsoon, the growth rate of agricultural sector may be affected.

Current account deficit may reach $11 billion
The country’s current account deficit may increase to $ 11 billion or 1.2 percent of GDP in the third quarter of 2023-24, i.e. October-December. Rating agency India Ratings has made this estimate. The current account deficit in the July-September quarter was one percent, while in 2022-23 it was two percent.