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Q4 growth set to push FY24 GDP up by 8% or more: Sitharaman | India News – Times of India

Q4 growth set to push FY24 GDP up by 8% or more: Sitharaman | India News – Times of India
MUMBAI: The country’s economic growth in the March quarter is likely to be 8% or more, finance minister Nirmala Sitharaman has said.
“If this is how inflation management is happening, macroeconomic stability being what it is, you had three-quarters of growth above 8%, and hopefully, the fourth quarter, which ends tomorrow, will also be 8% or over 8%, resulting in 2023-24 having a GDP growth of 8% or over 8%,” FM said at an event organised by Mint Saturday.
GDP growth in the Oct-Dec quarter was a scorching 8.4% led by robust manufacturing sector expansion. Data for the March-quarter GDP will be released on May 31.
“Three-quarters of growth over 8% is good news, and I thank the people of India for being very energetic and ensuring that India remains the fastest-growing economy,” said Sitharaman.
She said the commentary on consumption was because of a sequential comparison of consumption numbers. “Do you think we would have had 8% growth without consumption?” she asked.
The minister said that the recent spike in income tax notices was because of a new rule driving the tax department to send notices out before they became time-barred and because of digitisation. “Every time through the year, notices are sent so that the assessment does not get time-barred before the six-year limitation sets in on March 31. So, they are rushing a lot of these notices to say, ‘Hey, I have asked you a question; reply, and we will take it up further.’ It is not harassment; it is because of compliance requirements for the board to ensure that getting information does not get time barred.”
Sitharaman said that some old records, which are still in manual form, are now being digitised. “If a notice comes to you saying, ‘We do not have this information about you, can you fill it in?’, it is more because of the gap in data resulting from the transition from manual to digital,” the FM said.


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