India’s gross domestic product (GDP) is on track to grow by 8 per cent or more in the quarter ending March 31, finance minister Nirmala Sitharaman said on Saturday.

The economy is expected to show the same rate of year-on-year expansion for the 2023-24 financial year, Sitharaman added, citing the impact of improved inflation management and macroeconomic stability.

“Hopefully the fourth quarter ... will also have (growth) of 8 per cent or above 8 per cent resulting in 2023-24 having an average growth in GDP of 8 per cent or over 8 per cent,” Sitharaman said during an event in the financial hub of Mumbai.

India’s GDP data for the January-March quarter is due to be released on May 31.

Asia’s third-largest economy grew 8.4 per cent in the October-December quarter year-on-year, outpacing the 7.6 per cent growth recorded for the previous quarter.

India’s economy is projected to grow at 7.6 per cent in the current fiscal year to March 31, according to the latest government estimates.

Reuters