FM forecasts economic growth of 8.9% fiscal year, the highest among major economies

India’s economic growth is expected to be 8.9% this fiscal year, the highest among major economies, according to union finance minister Nirmala Sitharaman, who spoke at the 7th annual meeting of the New Development Bank’s (NDB) board of governors.

“Noting that India is commemorating 75 years of independence this year, the finance minister stated that India’s economic growth in the current fiscal year has been robust and is anticipated to reach 8.9%, the highest among all large economies,” according to a statement.

India would continue to grow at a high rate in the current and next fiscal years, according to Sitharaman.

In the aftermath of the pandemic, India has demonstrated “great resilience and quick recovery,” according to the finance minister.

She emphasised the creation of innovative financial products and services, as well as the encouragement of strategic investments. According to the finance minister, these are critical to maximising development impact.

In light of the prevailing pandemic, India hosted the event electronically. ‘NDB: Optimising Development Impact’ was the theme of this year’s annual meeting. “The bank has successfully positioned itself as a dependable development partner for emerging market economies,” she said.

She praised the work made in establishing the NDB’s regional office in India, saying it will be critical in the development of the bank’s member countries in the next decades.

The NDB was founded in 2015 with the goal of mobilising resources for sustainable and infrastructure development in BRICS countries as well as other developing and emerging markets.