India’s Chief Economic Advisor, Dr V Anantha Nageswaran, expressed optimism about India’s growth potential during a special interactive session organised by FICCI. He affirmed that India’s real GDP growth for FY23 was a robust 7.2%, with expectations for the final figure to be even higher. Dr Nageswaran provided an outlook for FY24, projecting a real GDP growth of 6.5%, a figure supported by both the Ministry of Finance and the Reserve Bank of India. The CEA also emphasized the economy’s robust expansion, driven by strong growth in the industry, services, and construction sectors, while highlighting companies’ confidence in expansion, supported by steel and cement production data, indicating a post-pandemic rebound in line with pre-pandemic trends.
Dr Nageswaran observed that despite setbacks, the trend line for private consumption has caught up to pre-pandemic levels. He concluded that Private sector capex will be a vital contributor to growth in the coming years. He exuded confidence stating, We were the 10th largest economy in 2014, and we expect to become the third largest economy in 2027. The CEA emphasized that India’s contribution to global GDP growth has risen six-fold since the turn of the millennium.
Dr Nageswaran emphasized that India’s progression requires the nation to continue to do the right thing. His address to the impact of the pandemic on private consumption indicates that India’s economy is robust, driven by strong growth in industry, services, and construction sectors. He stated; There is confidence among the companies and firms, and they are looking to expand.
Dr Nageswaran’s projections for India’s GDP growth rate in the coming years do indicate a surge in India’s economy in the coming years, with the private sector serving as a vital contributor to India’s resurgence.
