"India's economy is in good shape despite challenging global environment": CEA Nageswaran

New Delhi [India], May 4 (ANI): Chief Economic Advisor (CEA) Dr V Anantha Nageswaran expressed confidence in the economy's resilience and said India's economy is in good shape despite the challenging global environment.

Speaking at an event at Ashoka University on Saturday, India's CEA Nageswaran also said that the current economic indicators show that the Indian economy is progressing well.

Nageswaran highlighted the need for India to maintain macroeconomic stability while pursuing innovation-led, inclusive growth strategies. He stressed the need for targeted investments in human capital, technology, infrastructure, and continued structural reforms.

"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," he added.

In his address, Nageswaran also highlighted top priority areas, including energy affordability and energy transition; employment generation and artificial intelligence; the share of income accruing to capital and labour owners; education and skilling; the rise of manufacturing and SME; and food security and private sector capital formation.

India is poised to lead the global economy again, with the International Monetary Fund (IMF) projecting it to remain the fastest-growing major economy over the next two years. According to the April 2025 edition of the IMF's World Economic Outlook, India's economy is expected to grow by 6.2 per cent in 2025 and 6.3 per cent in 2026, maintaining a solid lead over global and regional peers.

Suman Bery, Vice Chairman of NITI Aayog, in his keynote address during the event, emphasised India's long-term vision of becoming a developed, high-income society by 2047.

He emphasises the need for sustained and accelerated growth, focusing on the importance of labour productivity, investment, and structural reforms to boost the economy.

"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.

"The global turmoil could be an opportunity for India, and there is no time to lose when it comes to moving on a faster growth trajectory," Suman Bery added, highlighting that India can leverage demographic dividend, technology and geopolitical shifts to accelerate growth. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)