With regard to fiscal deficit, Nageswaran said there is no threat to 5.9 per cent fiscal deficit announced in the Budget.India's economy grew at its fastest pace in a year in the June quarter, supported by strong services activity and robust demand, data released by the government showed on Thursday. India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period. Rising crude prices may warrant attention and prolonged geopolitical uncertainty and likely tighter financial conditions can pose risk to growth, he added. Risk is evenly distributed to around 6.5 per cent growth projection for FY2023-24, he said while briefing media following the release of first quarter GDP numbers. Therefore our projections still are very comfortably placed at 6.5 per cent for the current financial year," he said. "There is momentum in economic activity in general and it is not driven by price-related distortions. However, the impact of deficient rains in August is to be watched. The CEA said food inflation is likely to subside with the arrival of fresh stock and government measures. He also said that there is no real cause for concern that inflation would spike out of control as both the government and the Reserve Bank are taking adequate steps to maintain supply and keep prices under check. India GDP Growth News Live: Chief Economic Advisor V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient monsoon rains.
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