New Delhi: India's economy is growing very fast. Many reputed rating agencies have estimated that India will become the third largest economy in the world in the next few years. However, for this we will have to keep our GDP growth better.

RBI Deputy Governor Michael Debabrata Patra says that India's GDP will grow at the rate of 7.2 percent in the current financial year i.e. 2024-25. At the same time, it may remain around seven percent in the next financial year. But, after that there is a strong possibility that the growth rate reaches the level of eight percent.

Patra said India is now considered the world's fastest growing major economy. India is already the fifth largest economy in terms of market exchange rates and is on track to become the third largest economy by 2030. Regarding inflation, he said it is projected to average 4.5 per cent in 2024-25 and 4.1 per cent in 2025-26.

S&P growth forecast

According to S&P Global Market Intelligence, India's economy will grow at 6.8 per cent in the current fiscal year and 6.6 per cent in 2025-26. India's growth outlook is driven by several positive factors despite a slowdown in economic momentum due to weak public sector investment. Domestic demand is expected to be boosted by easing inflation, favourable monsoon conditions and increased government social expenditure, S&P said.

Strong government spending will increase growth rate

Audit firm Deloitte India says India's GDP growth rate in the current financial year can be between 7-7.2 percent due to strong government spending and more manufacturing investment. It has said that the slowdown in global growth can affect the outlook for the next financial year. The Indian government is also making policy changes to promote manufacturing.