Economic growth at 8.9% this FY, estimated highest among major economies: FM


Union finance minister Nirmala Sitharaman said India’s economic growth in the current financial year has been robust and is estimated to be 8.9%, which is the highest among all major economies.

NEW DELHI: The economic growth of India stands at 8.9% in the current financial year, estimated highest among major economies, said union finance minister Nirmala Sitharaman addressing the 7th annual meeting of the New Development Bank’s (NDB) board of governors.

“Highlighting that India is celebrating 75 years of Independence this year, the finance minister mentioned that India’s economic growth in the current financial year has been robust and is estimated to be 8.9 per cent which is the highest among all large economies,” said a statement released.

Sitharaman also expressed that India will continue to achieve a high growth rate in the current and next financial year.

The finance minister said India has shown “strong resilience and speedy recovery” in a post-pandemic setup.

She emphasised on the development of innovative financial products and services and incentivised strategic investments. These are crucial to maximise development impact, according to the finance minister.

The event was hosted virtually by India considering the ongoing pandemic. The theme for this year’s annual meeting was ‘NDB: Optimising Development Impact’. She highlighted that the bank “has successfully established itself as a reliable development partner for emerging market economies”.

Acknowledging the progress made in setting up of NDB’s regional office in India, she said it will play a crucial role in the development journey of the bank’s member countries in decades to come.

NDB was established in 2015 with an aim to mobilise resources for sustainable and infrastructure development in BRICS nations and other developing and market economies.

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