India's gross domestic product (GDP) is on track to grow by 8% or more in the quarter ending March 31, Finance Minister Nirmala Sitharaman said on Saturday.

The economy is expected to show the same rate of year-on-year expansion for the 2023/24 financial year, Nirmala Sitharaman added, citing the impact of improved inflation management and macroeconomic stability.

"Hopefully the fourth quarter ... will also have (growth) of 8% or above 8% resulting in 2023/24 having an average growth in GDP of 8% or over 8%," Nirmala Sitharaman said during an event in the financial hub of Mumbai.

India's GDP data for the Jan-March quarter is due to be released on May 31.

Asia's third-largest economy grew 8.4% in the October-December quarter year-on-year, outpacing the 7.6% growth recorded for the previous quarter.

India's economy is projected to grow at 7.6% in the current fiscal year to March 31, according to the latest government estimates.