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## Indian Economy Poised for Growth


*A pedestrian speaks on a mobile phone as he watches a digital screen relaying the budget speech by Indian Finance Minister Nirmala Sitharaman on the facade of the Bombay Stock Exchange (BSE) in Mumbai on February 1, 2021.*

*PUNIT PARANJPE | AFP via Getty Images*

### Positive Economic Projections for India

In a report released Monday, the finance ministry said the economy is poised to grow at or above 7% in the fiscal year 2024. India’s fiscal year starts on April 1 and ends on March 31. This positive growth projection for India has generated great interest and speculation in the financial world.

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### Economic Growth Trajectory

If it meets this year’s target, it will be the third straight year of 7% GDP growth for India, a trend that underscores the nation’s resilience and potential in the global economic landscape. With the current $3.7 trillion GDP, India is positioned as a significant player on the world stage.

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### Government’s Vision for Development

India’s chief economic advisor, V Anantha Nageswaran, shared the government’s ambitious goal to emerge as a developed country by 2047. This long-term vision reflects the determination to strengthen India’s economic prowess and elevate its status on the global platform.

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### Driving Forces for India’s Growth

Nageswaran attributes the robustness in India’s domestic demand to the reforms and measures implemented by the government over the last ten years. This acknowledgment of the key drivers of India’s growth highlights the strategic initiatives that have propelled the nation’s economic advancement.

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### Path to Real GDP Growth

Investment in both physical and digital infrastructure has played a pivotal role in enhancing the supply side and manufacturing in India. This strategic investment has positioned India for real GDP growth closer to 7 per cent in the fiscal year 2025, setting the stage for sustained economic progress.

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### Outlook for India’s Economy

As India prepares for its general election between April and May, the interim budget is anticipated to offer insight into the nation’s fiscal policies and spending plans. This upcoming budget announcement is set to shape India’s economic landscape and investment climate in the months ahead.

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### Optimism and Growth in India’s Stock Market

India’s stock market has experienced a positive start this year, with the Nifty 50 index showcasing impressive gains and breaching the 22,000 mark for the first time. This rally reflects growing optimism around India’s economic prospects and signals a favorable investment climate for domestic and international investors.

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