It may also be the case that the reciprocal tariff may come down to the level, which we were earlier anticipating, somewhere between 10-15 percent, he said.
CEA Nageswaran said manufacturing continues to face global challenges but pointed to domestic policy support aimed at reversing the trend.
The GDP growth was higher than the previous quarter number of 6.4 percent, but lower than the 8.4 percent growth logged in the fourth quarter of FY24.
The government plans to update its model Bilateral Investment Treaty framework to attract foreign investments while safeguarding regulatory interests
V Anantha Nageswaran has said it is vital for India to sustain growth over the next few years as the world economy faces pressure
'Global real economic activity has been declining. There is a slowdown. However, India remains the fastest-growing among large economies of the world, Nageswaran stated
Nageswaran will on January 31 present his third Economic Survey, a review of the country’s economic performance over the past fiscal
Speaking at the eighth annual day of the IBBI, Nageswaran said, "The next step for IBC reform is to improve operational efficiencies, to speed up the resolution process..."
The share of private investment in GDP rose marginally to 34.8 percent in April-March 2024-25.
The GDP growth fell to a five quarter low of 6.7 percent in the first quarter of FY25 compared with 7.8 percent in the previous quarter.
The Indian Meteorological Department had forecast that India is set to receive above-normal monsoon rains this year. The monsoon is, however, not progressing as the IMD predicted before the monsoon season began.
We would rather be pleasantly surprised than be forced to face disappointment which is why we are projecting a GDP growth rate of 6.5-7 percent, said the CEA.
The CEA has also been vocal on global issues such as climate finance and the assessment methodologies used by global ratings agencies for emerging markets like India.
India’s rating has remained unchanged at the lowest investment grade even when it has become the fifth largest economy in the world.
The report will look at sources of funding to meet existing and emerging global challenges from the Covid pandemic, war, etc, said the Chief Economic Advisor.
India has managed to find a consensus to move the agenda forward on debt issues, crypto regulation and taxation, infrastructure in G20 deliberations, says India’s chief economic advisor, V Anantha Nageswaran
The CEA said that the rupee trade can happen with some neighbouring countries and other trading partners, but it is only at the margins and will not transform the world of invoicing overnight.
If these sources of AI increase productivity of workers, and a company can do with assigning less number of people to a project, it also means they can take on far more projects than earlier. It can be a win-win proposition provided we are able to upskill our people to take advantage of these new tools, interventions and innovations.
Account Aggregator is a door opener for financial inclusion, but misuse of data and predatory practices need to be guarded against, Nageswaran said.
"Even if the global economy slows much more, India's external balances in FY24 will improve because of crude oil prices and is not expected to be a source of concern as the accretion to forex reserves has been to the tune of $50 bn in the last 3 months."
Two banks in America have gone belly up over the last week. Signature Bank, New York, which lent mostly to crypto industry was shut down by the regulators on Sunday after there was a run on their deposits.
V Anantha Nageswaran was delivering the keynote address at the National Conference on Economics of Competition Law here.
According to Nageswaran, the GDP growth base was inflated due to data revision for the past three years.
The comments by the government's top economist come amid expectations that the Centre may keep pushing the pedal hard on capex in the Budget for 2023-24
Anantha Nageswaran further said that the rupee is being managed in a manner that reflects the fundamentals of the economy.