What to expect from CEA Nageswaran's third Economic Survey?

Chief Economic Advisor V Anantha Nageswaran

India's Chief Economic Advisor (CEA) V Anantha Nageswaran will present the Economic Survey 2024-25, the government’s official report card on the state of economy, on January 31.

Ahead of presenting his third Survey, the CEA in a column for Mint said the Economic Survey will analyse India's shifting import dependency and energy transition among other critical questions. While dependence on crude oil is reducing, it is being replaced by reliance on a single source for critical components, materials, and minerals essential for renewable energy generation and e-mobility, he wrote.

The Survey will also delve into obligations of the private sector, as social stability and long-term profitability rest on finding the right balance between capital deployment and labour employment, he wrote.

Nageswaran, has completed three years in office, playing a pivotal role in shaping the nation's economic policies. Appointed in January 2022, just ahead of the release of the Economic Survey, he succeeded KV Subramanian and has since been instrumental in guiding economic strategies and assessments for the country.

Nageswaran has participated in critical global discussions, particularly during India's G20 presidency in 2023, where he was deeply involved in the finance track. He has also been vocal on key global economic issues such as climate finance and the methodologies used by ratings agencies to assess emerging markets such as India. His insights into these matters have contributed to a broader discourse on ensuring fair evaluation systems for developing economies.

Before taking over as CEA, Nageswaran served as a part-time member of the Prime Minister’s Economic Advisory Council (PMEAC) from 2019 to 2021, providing strategic guidance on economic matters. Nageswaran has a post-graduate diploma in management from the Indian Institute of Management (IIM)-Ahmedabad and a PhD in finance from the University of Massachusetts, Amherst, where he specialised in exchange rate behaviour.

Nageswaran has had a 17-years stint in the corporate sector across roles in leading global financial institutions, including UBS, Credit Suisse and Julius Baer. He has been head of research and Investment consulting for Credit Suisse Private Banking in Asia and global chief investment officer at Julius Baer.

As CEA, Nageswaran leads the preparation of the Economic Survey, a key document that lays the foundation for India's annual Union Budget. His focus has been on fostering economic resilience, advocating for structural reforms, and addressing challenges such as income inequality, employment generation, and MSME credit access.

Nageswaran is also a prolific author, having written four books, including The Economics of Derivatives and The Rise of Finance: Causes, Consequences and Cures. His academic contributions, coupled with his policy expertise, have positioned him as a thought leader in India's economic landscape.

With his diverse background spanning policy advisory, academia, and corporate leadership, Nageswaran continues to play a crucial role in steering India's economic trajectory. His efforts in economic policy formulation and financial market assessments make him a key architect of India's economic future.

CEA’s defining moves 

Economic Survey 2023-24

Asserted that India’s economy had achieved post-pandemic resilience

Emphasised capex-led growth strategy, hailing PLI schemes and infrastructure investments as key drivers

Discussed supply chain diversification and China+1 strategy, positioning India as an attractive alternative

Economic Survey 2022-23

Defended India’s handling of global shocks, calling India the “bright star” in a slowing world economy

Recognised post-COVID recovery divergence between large and small businesses.

Positioned Digital Public Infrastructure (DPI) as a model for global economies, citing UPI and Aadhaar

Economic Survey 2021-22

Batted for "agile" policymaking — a shift from a "waterfall approach" to iterative, data-driven decision-making. The waterfall approach is a linear and sequential method of planning and execution, where each stage is completed before moving to the next, with minimal flexibility for changes

Stressed on public investment-led growth, urging continued capex to crowd in private investment