New Delhi - Despite the global economic slowdown, Finance Minister Nirmala Sitharaman recently said India continues to be the fastest-growing large economy.

Speaking at the breakfast meeting of the IMF Board of Governors on the theme of “Dialogue on Policy Challenges” in Marrakech, Morocco, Sitharaman emphasised that a coordinated response of the global community will foster multilateralism in the spirit of ‘One Earth, One Family, One Future’.

“The Finance Minister expressed concern with regard to a slowdown in global growth. However, India continues to be the fastest-growing large economy with growth at 7.8% during Q1 of FY 2023-24,” the finance ministry said on X.

Sitharaman had earlier said that domestic consumption and investment demand will drive economic growth, but inflationary pressures may remain elevated warranting greater vigilance by the government and the Reserve Bank of India (RBI).

The Finance Ministry and the RBI have projected India’s economic growth to be around 6.5% in FY24 compared with 7.2% in FY23.

Earlier this week, the International Monetary Fund raised its economic growth forecast for India from 6.1% to 6.3% for the current financial year. It has projected that the global growth will slowdown from 3.5% in 2022 to 3% this year. This remains well below the historical average.