Finance Minister Says India Maintained 8% Growth Rate For 3 Quarters Straight

"Three continuous quarters, we have had more than 8 per cent growth. 8.3 was quarter three," said Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman ( Image Source :Getty )

Union Finance Minister Nirmala Sitharaman voiced her optimism regarding India's economic growth momentum while speaking at a parliamentary election convention hosted by Thiruvananthapuram BJP candidate Rajeev Chandrasekhar on Thursday. Sitharaman emphasised the nation's strong economic performance, pointing out three consecutive quarters with growth rates surpassing 8 per cent. She particularly highlighted the remarkable growth rate of 8.3 per cent in the third quarter.

"Three continuous quarters, we have had more than 8 per cent growth. 8.3 was quarter three," said Nirmala Sitharaman.

In her address to the gathering, Sitharaman underscored the resilience displayed by the Indian economy in the face of various challenges. "If the economy, after all the trouble, has reached this level, then we are confident that we can sustain growth momentum," she said.

Recognising the necessity for concerted efforts to ensure continuous growth, Sitharaman called upon every state to engage actively in India's economic advancement. She stressed that this growth trajectory goes beyond political affiliations, ultimately benefiting the entire nation and its youth. Sitharaman also observed India's rising appeal to investors, linking it to the expanding potential of the middle class.

Sitharaman said, "We need every state to actively participate in this. It is the growth of India, not just of one party or state. It is India's youth who will derive benefit from it. Today investors are coming to India because they see the potential of middle class growing."

Sitharaman stressed the pivotal role played by the middle class in propelling economic growth, emphasizing the necessity of preserving their purchasing power. She forecasted a substantial increase in the middle-class population by 2030, reaching an estimated 700 million people and further expanding to 1 billion by 2047. Additionally, Sitharaman highlighted the vast potential for economic activity and expansion in the service sector within India, urging the nation to seize these opportunities.

"Purchasing power in the hands of the middle class is intact and as a result of demand grow, that by 2030 we will have 70 crore people in the middle class and by 2047 this number would go to 100 crore," stated the Finance Minister.

Sitharaman reiterated the abundant growth potential inherent in India, stressing the necessity for unified endeavors to uphold this trajectory. She underscored the government's dedication to bolstering economic growth, highlighting the absence of tax rate hikes, both direct and indirect, since 2020. Additionally, she commended Prime Minister Narendra Modi's leadership for maintaining fiscal stability while cultivating a conducive environment for growth.

"There is so much activity to be done, so much production to be done, so much service sector growth to be seen. The potential lies in India and therefore we need to importantly see how we can sustain this growth. This growth post 2020 has been achieved without any increase in any taxation anywhere. Prime Minister Modi clearly has not increased any rates, direct or indirect," Sitharaman said.