The Chief Economic Advisor of the Indian government, Dr. V Anantha Nageswaran, announced that the country’s real GDP growth for the year ending in March 2023 was 7.2%, which was an unexpected increase. Dr. Nageswaran shared this news during his interaction with the Industry at the event organized by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). He stated that the Indian economy had a solid and robust momentum, which made the government optimistic about its medium-term performance.
During his interaction, Dr. Nageswaran explained that services’ exports did exceedingly well for the country, while goods’ exports were on the weaker side due to the war in Ukraine and the rise in oil prices. He also remarked that India’s fourth-quarter GDP of 6.1% was much better than other countries at this point.
Dr. Nageswaran also talked about the Wholesale Price Index’s deduction, stating that it was not a drawback or a drag on growth but would lower input costs for Indian businesses. He explained that this would occur because of the slowdown in oil and food prices, and it was now actually negative. He acknowledged that the merchandise export growth was something that required continuous efforts to maintain to maintain market share or gain more share.
Dr. Nageswaran further stated that global companies rely on India not only for IT-enabled services, but also for accounting, risk management compliance, and back-office work. He explained that the dependence on India had widened through global capability centers (GCC).
Additionally, Dr. Nageswaran claimed that macroeconomic management in India had been prudent during the pandemic, compared to other advanced nations. He said that The overall macroeconomic management in India has been prudent and sensible, avoiding overstretching ourselves during the pandemic. This has contributed to our stable growth and inflation management.
Although India has made significant strides, Dr. Nageswaran said there is still work to be done, and the country must continue its efforts to achieve growth and development. He pointed out that out of nearly one lakh recognized startups in India, over 43,000 were led by women.
