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Finance Minister Nirmala Sitharaman has said that India's Gross domestic product (GDP) growth in the first quarter of this fiscal (Q1FY24) should be good and that the government's priority is to tame inflation, which has touched a 15-month high. She also said that green shoots of private capital expenditure upcycle can be palpably felt as the government's enhanced capital expenditure is now crowding in private sector investments. 

Mentioning about the key priorities of the government, Sitharaman stressed that the focus is on Aatmanirbhar Bharat (self-reliant India) but essential imports will not be stopped. She also emphasised on the need for diversification of supply chains at the earliest to avoid shocks. She said most of the central banks, including the Reserve Bank of India (RBI), have raised interest rates to tackle inflation following the outbreak of Russia-Ukraine war in February last year that has also disrupted global supply chains. Task for the central banks therefore particularly in today's context is to keep in mind growth and growth-related priorities even as equally looking at controlling inflation.

The minister further said that India has showcased an accelerated pace of economic reforms in the last nine years of Prime Minister Narendra Modi-led government. She said ‘reforms have been continuing, wide ranging domains have been covered, whether it is fiscal, whether it is digital, whether it is physical infrastructure or social inclusion, you spoke about inclusion, yes on social inclusion as well.’