New Delhi

There is a high possibility of India's economic growth touching 8 percent in 2023-24, government's Chief Economic Adviser (CEA) V Anantha Nageswaran said on Wednesday.

Speaking at an event here, the CEA said that he expected a 7 percent GDP growth rate for 2024-25 and it was important to maintain it.

He also said that inflation was expected to remain under control and the country was in a position to pursue a stable "non-inflationary" growth path.

"We don't see, at the moment, scope for nasty upside surprises on inflation. There can always be scenarios in geopolitics that can cause inflation to be more than we expect. However, at this point, the baseline scenario is that inflation gradually converges to the mid-point of the target range," Nageswaran said.

He was referring to the 4 percent mid-point target range set by the Monetary Policy Committee before the central bank starts to reduce key interest rates to spur growth.

The inflation rate came down to a five-month low of 4.85 percent in March. However, the RBI is still focused on controlling inflation before it goes in for a cut in interest rates.

India's GDP growth for 2024-25 is projected at 7 percent while the forecast for inflation for the year has been retained at 4.5 percent, RBI Governor Shaktikanta Das said recently.

ALSO READ: Akeel Ahmed of Kargil becomes youngest Air Safety Officer at DGCA

The RBI Governor said, "Headline inflation has eased to 5.1 percent during both January and February, and this has come down to 5.1 percent in these two months from the earlier peak of 5.7 percent in December. Looking ahead, robust growth prospects provide the policy space to remain focused on inflation and ensure its descent to the target of 4 percent."