India's GDP Touches ₹3.75 Trillion Mark in 2023



India's gross domestic product (GDP) has touched the ₹3.75 trillion mark in 2023, Finance Minister Nirmala Sitharaman said on Monday. The growth rate for the current financial year is estimated to be 8.7%, which is higher than the earlier estimate of 7.5%.

Speaking at a press conference, Sitharaman said that the Indian economy is a "bright spot" in the global economy. She attributed the growth to the government's policies, including the Pradhan Mantri Jan Dhan Yojana (PMJDY), the Pradhan Mantri Kaushal Vikas Yojana (PMKVY), and the Goods and Services Tax (GST).

The PMJDY has provided financial services to over 400 million people, while the PMKVY has trained over 35 million people in various skills. The GST has simplified the tax regime and made it easier for businesses to operate.

Sitharaman also said that the government is committed to reducing the fiscal deficit to 3.3% of GDP in the current financial year. She said that the government will take steps to boost revenue collection and control expenditure.

The growth in India's GDP is in line with the expectations of economists. In a recent report, the International Monetary Fund (IMF) projected that India's GDP will grow by 8.2% in 2023. The IMF said that India is one of the fastest-growing economies in the world and that its growth is being driven by strong domestic demand.

The growth in India's GDP is good news for the country's economy. It will help to create jobs, boost incomes, and reduce poverty. The government should continue to focus on policies that will support economic growth.

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