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The CEA also added that the growth target for FY26 will be retained as of now between 6.3-6.8%, as the proposed GST reforms are likely to strengthen consumption.
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The better-than-expected GDP numbers for January-March and 2022-23 have given confidence to the Indian government's top economist to say that risks to his growth forecast of 6.5 percent for 2023-24 are now evenly balanced
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The government's top economist was presenting the Centre's view in a post-Budget discussion with think tanks
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Internal drivers of demand are looking constructive and positive, resilient, the CEA said
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Several economists and rating agencies like Fitch Ratings expect the target to be missed.
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Restrictions on capital outflows are not being planned, the chief economic adviser said. “I don’t think it is on the cards."
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The global monetary tightening is becoming a little less synchronised, which is a small relief for developing countries, the chief economic adviser has said
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India will assume the Presidency of the G20 for one year from December 1, 2022.
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Recently, the International Monetary Fund (IMF) projected 6.8 per cent real growth for this year and 6.1 per cent for next year for India.
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Nageswaran acknowledged that growth projections had come off those made at the start of 2022, to over 7 percent for current financial year.
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Speaking at the finance ministry’s iconic week celebrations of ’Azadi ka Amrit Mahotsav’, Nageswaran had said last week that IMF has forecast the Indian economy to cross USD 5 trillion by 2026-27. India’s Gross domestic product (GDP) in dollar terms has already crossed USD 3 trillion.
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"The burden needs to be shared because this is a global supply shock, and therefore, all of us would have to bear the consequences. It has not been engineered by anyone," Chief Economic Adviser V Anantha Nageswaran said.
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"I have decided to return back to academia following the completion of my 3-year fulfilling tenure as the Chief Economic Adviser, Government of India," Subramanian said.
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"It will be a good move, but the decision rests with the GST Council," Subramanian said during a recent interaction with FICCI FLO members.
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The CEA has said that while the trend is of a V-shaped recovery, there is still residual uncertainty, and this will persist until the pandemic is brought under complete control.
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"What I want to emphatically state that the m-cap ratio is a totally incorrect metric for assessing the safety of the banks. No banking sector expert or banking regulator uses this measure," Subramanian said while addressing a select mediapersons at his office here.
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Despite the recent growth moderation, services sector growth continued to outperform agriculture and manufacturing sector growth, and contributed more than 60 percent to total GVA growth
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The survey pegs the government's (Centre and states) fiscal deficit to decline to 5.8 percent of GDP in FY19 from 6.4 percent of GDP in FY18
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Arvind Subramanian has delivered the coup de grace to the new GDP series
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In a wide ranging interview to Moneycontrol, Chief Economic Adviser Krishnamurthy Subramanian said that a single rate GST structure is an ideal to move towards but there was a need to be practical as well
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Also, he advocated for deterrence to make defaulting companies fall in line with set guidelines and follow pro-market behaviour.
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In November last year, the government had constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country.
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Subramanian also regretted that recent banking frauds, including the one at Punjab National Bank (PNB), have resulted in a set back to efforts being made to resolve the bad loan problem under the Insolvency and Bankruptcy Code (IBC).
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Finance minister Arun Jaitley will table the Economic Survey in Parliament today. Here’s why it is important
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"First, the true fiscal cost of issuing the Rs 1.35 lakh crore recapitalisation bonds is the interest payment of about Rs 8,000-9,000 crore. But cost can be offset by the confidence impact of addressing the critical economic bottleneck, thereby increasing credit supply, private investment and growth," he said.
