India set to achieve 6.5-7% GDP growth in current fiscal, says Finance Ministry report

India is set to achieve 6.5-7 per cent GDP growth in the current financial year as indicated by the movements in high-frequency indicators till August, a Finance Ministry report said on Thursday.

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The recent developments analysed indicate strong foundations of macroeconomic stability in India with steady growth, investment, employment and inflation trends, a strong and stable financial sector and a resilient external account, including a comfortable foreign exchange reserve position.

“A challenge on the macro-economic front is of navigating the continuing uncertainty in global economic prospects.

We will likely encounter a cycle of policy rate cuts globally amid fears of a recession in advanced economies and continuing geopolitical conflicts,” the Monthly Economic Review for August said.