New Delhi, May 5 (IANS) Chief Economic Advisor (CEA) V. Anantha Nageswaran has highlighted that current indicators show the Indian economy is continuing on a high growth path despite the global challenges.
Speaking at an event at Ashoka University, Nageswaran said, “India’s economy is in good shape despite challenging global environment. While the final number for FY25 will be available in May, current indicators suggest we are progressing well.”
The country’s Chief Economic Advisor listed energy affordability and energy transition employment generation with the rise in manufacturing and small and medium enterprises as priority areas for the country. Besides, artificial intelligence, education and skilling of the country’s workforce would drive growth, he added.
He emphasised on the need to maintain macroeconomic stability, which entails keeping inflation in check, while targeting inclusive growth as the country moves ahead.
NITI Aayog Vice Chairman Suman Bery, in his address at the event, emphasised India’s long-term vision of becoming a developed, high-income country by 2047.
“Over the last three decades, India has achieved a consistent annual growth rate of 6.5 per cent, and I think it’s an impressive achievement. It showcases both institutional agility and a certain institutional maturity in India,” he said.
Bery stated that the global turmoil could throw up opportunities for India. He highlighted the potential for India to leverage its demographic dividend, technology and geopolitical shifts to spur economic growth.
India continues to remain the world’s fastest growing major economy and the only country expected to clock over 6 per cent growth in the next two years, according to an IMF report released last month.
IMF chief economist Gita Gopinath said, “Our April 2025 World Economic Outlook projects significantly weaker global growth at 2.8 per cent for 2025 with growth downgrades for 127 countries making up 86 per cent of world GDP.”
However, the outlook report pegged the Indian economy to grow at 6.2 per cent in 2025 and 6.3 per cent in 2026 which is over 2 percentage points above second ranking China’s economic growth forecast at 4 per cent for 2025 and 4.6 per cent in 2026.
The US, which has triggered the tariff turmoil across the globe, is expected to see its GDP growth slowing to 1.8 per cent this year, which will is expected to decline further to 1.7 per cent in 2026, according to the IMF report.
–IANS
sps/na
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
