Kolkata . Chief Economic Advisor (CEA) of the Central Government, V. Ananth Nageswaran said that the Indian economy is expected to grow at the rate of 6.5 to seven percent on a stable basis in the current financial year 2024-25. He said that this growth rate is commendable considering the current global scenario. Addressing an event organized by the Bengal Chamber of Commerce and Industry (BCCI) online, Nageswaran said the economy will grow at 6.5 per cent in real terms, while the (nominal) growth rate at current prices after taking into account inflation will be 11 per cent. Will happen.
Nageswaran said, “The Indian economy will remain the fastest growing economy with a growth rate of 6.5 to seven percent on a stable basis in the current financial year. This is a very good achievement in the current global context.” He said that while the world faces medium-term uncertainties and global trade is slowing down, India’s recovery from the effects of the COVID-19 pandemic will be driven by the balanced approach adopted by the government. Has become stronger on the basis of fiscal and monetary policies. “India’s recovery from the impacts of the global pandemic is strong due to prudent macroeconomic management, which laid the foundation for stable economic growth,” he said.
Nageswaran said there is no weakness in the country’s current account balance due to the good health of domestic financial markets and banking system. “Macro indicators indicate stability,” he said. There has been a huge change in capital expenditure, the ratio of external debt to GDP has come down and retail inflation has come down.” He said that for all these reasons there is a need to upgrade the country’s credit system. On artificial intelligence (AI), Nageswaran said it could lead to displacement of labour. “A proper balance has to be struck between technology and labor while keeping social responsibilities in mind,” he said.
