India’s Economic Condition Better, Growth Momentum Good: Chief Economic Advisor

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The Indian economy is in a better shape and has maintained a good pace of growth. This is what the Chief Economic Advisor V Anantha Nageswaran of the government says.

Kolkata: Government’s Chief Economic Adviser V Anantha Nageswaran has said that despite several simultaneous crises globally, the Indian economy is in a better shape and its growth momentum is maintained.

Nageshwar, while addressing the annual session of the Indian Chamber of Commerce (ICC) online, said that the world is currently going through a multi-crisis period with high inflation, strict monetary measures, high interest rates, Russia-Ukraine. Aspects like war and lethargy in China are involved.

“The challenges the country is facing at the moment are unprecedented since the Second World War,” he said. But India is in a strong position and its growth rate is also good. India’s growth rate will be in the range of 6.5 percent to 7 percent in the current financial year, which is a good rate considering the inflation of 7.4 percent.

The CEA said that India needs to maintain macro-economic stability, increase and judicious use of foreign exchange reserves, besides addressing the trade deficit at this time. “Financing the trade deficit arising out of the high import bill of crude oil is a challenge for the country,” he said. FDI inflows are stable while portfolio investment remains volatile due to attractive dollar.

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