Tomato prices are likely to decline with the arrival of fresh stocks by early September while enhanced imports of tur dal are expected to moderate pulse inflation, he said. With regard to price situation, Nageswaran said food inflation is likely to subside with the arrival of fresh stock in the market and government pre-emptive measures. Rising crude prices may warrant attention and prolonged geopolitical uncertainty and likely tighter financial conditions with continued monetary tightening can pose challenges to growth, he added. Risk is evenly distributed to around 6.5 per cent growth projection for FY2023-24, he said while briefing media following the release of first quarter GDP numbers. Therefore our projections still are very comfortably placed at 6.5 per cent for the current financial year," he said. "There is momentum in economic activity in general and it is not driven by price-related distortions. India's economy in Q1 grew at the fastest pace in a year, on the shoulders of a boost in capital expenditure both at central and state levels, along with stronger consumption demand, especially in rural areas, and improved performance in the services sector, he said.
India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period.
New Delhi, Aug 31 (PTI) Chief Economic Advisor V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient rains in August.
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