India's Economic Resilience Amid Slowing Growth

India's economic growth might have decelerated in the September quarter, but it remains on track for a 6.5-7% growth forecast for this fiscal year. Economic Affairs Secretary Ajay Seth highlighted that despite potential undershooting in capex, inflation remains largely under control aside from food prices. The economy grew 6.7% year-on-year, maintaining its status as one of the fastest-growing major economies globally.

India's economic growth has shown signs of slowing in the September quarter, yet projections for a 6.5-7% growth rate for the current fiscal year are still on track, according to Economic Affairs Secretary Ajay Seth.

Seth acknowledged the likelihood of not meeting the Rs 11.11 lakh crore capex target set for FY25, but assured that the actual expenditure will surpass the Rs 9.5 lakh crore spent in FY24.

While food prices pose an inflationary challenge, other inflationary pressures remain manageable. India's economy grew 6.7% year-on-year in the April-June period of FY25, confirming its place among the fastest-growing major global economies.

(With inputs from agencies.)