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Ahead of release of Q1FY23 GDP figures, Union Finance Minister Nirmala Sitharaman has said the Indian economy will grow at 7.4 per cent in this fiscal (FY23) and continue at the same level in the next fiscal as well. She added the International Monetary Fund and the World Bank have projected India’s growth to be the fastest for the next two fiscal years, and their estimates are in sync with that of the Reserve Bank of India as well.

She highlighted that the global situation continues to be challenging and it is not the right time to throw caution to the winds as yet. She said the export sector will face difficulties as the global growth slows down and the government will work with such entities facing the headwinds.

Meanwhile, underlining that there is a need for a rigorous debate on freebies, she said that political parties making pre-poll promises should make budgetary provisions for taking care of the expenditures and not push the burden on to other entities. She said power discoms and generating companies have been seen to bear the brunt of such freebies as they get paid in part or in some cases not at all, despite having no role to play in the announcements.