India's Economy Poised To Do Better In Remainder Of This Decade: CEA Anantha Nageswaran

Chief Economic Advisor V Anantha Nageswaran said on Tuesday, "India's economy is poised to do better in the remainder of this decade."

Earlier, Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF told reporters, "Our growth projections actually for India are unchanged from our October Outlook. We have 6.8 percent growth for this current fiscal year, which runs until March, and then we're expecting some slowdown to 6.1% in fiscal year 2023."

Anatha Nageswaran is hoping for 8% GDP growth and said, "We haven't given up hope of 8% GDP growth. We can strive for, be able to achieve the growth if several dimensions are addressed." The CEA said that we do not have to speak about COVID-19 pandemic recovery anymore.

Anatha Nageswaran also spoke on global oil prices and said as long as oil prices remain below $100/barrel, projected growth rate would remain undisturbed.
The CEA also said, "the Survey forecasts a GDP growth rate of 6.5% in a range of 6-6.8% for FY24. The range is deliberately asymmetric given the global uncertainties.

Earlier, the Economic Survey tabled on Tuesday projected the economy to grow at 6% to 6.8% in the next financial year, as a global slowdown is likely to hurt its exports.

These projections will make India's economic growth next fiscal year the fastest among major economies. The government's annual Economic Survey report said its baseline scenario for growth for 2023/24 was 6.5%, with nominal growth, which accounts for inflation, forecast at 11%.

The survey was tabled by Finance Minister Nirmala Sitharaman in parliament ahead of the annual budget on Wednesday. The economic survey is mainly the government's review of how the economy fared in the past year.