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Improved corporate profitability, private capital formation, bank credit growth and construction sector activity are the “bright spots”, it said.

The Indian finance ministry is confident that the country will achieve 6.5% growth in FY24 due to improved corporate profitability, private capital formation, and bank credit growth. The ministry's Monthly Economic Review for August highlighted the 7.8% growth in Q1 2023, driven by domestic demand, consumption, and investment. Risks such as rising crude oil prices and monsoon deficit were noted, but the review stated that the rains in September have helped reduce the rainfall deficit.

The rupee incidentally had touched a historic low of 83.18 earlier this week, even as Sitharaman said that she saw it more as a case of the dollar strengthening than the rupee falling.

Even as economic growth and rising inflation remain major concerns for India, with Finance Minister Nirmala Sitharaman saying that these twin challenges would be in focus in the next Union Budget, the monthly economic review for September has ...

Observing that the COVID-19 pandemic has led to considerable human and economic costs setting countries back on their developmental goals, the latest review said, the year 2021 is thus a "catch-up" year for the global economy including India, trying to recover the pre-pandemic output level of 2019. India to Be Among A Few Economies to Rebound Strongly; Impact of New COVID-19 Variant Omicron to Be Less Severe, Says Finance Ministry Report.