Summary:

Mr. V Anantha Nageswaran, India's Chief Economic Advisor (CEA), indicated that the GDP is expected to rise by 6.5-7% this fiscal year. He predicted that the actual growth rate would be 6.5%, with a nominal rate of 11% after accounting for inflation. He attributed the country's post-COVID recovery to cautious fiscal and monetary policies, emphasizing steady macro metrics such as rising capital investment and a declining external debt-to-GDP ratio, which necessitated a credit rating upgrade.

Looking ahead, he emphasized the importance of identifying local sources of development, creating productive jobs, ensuring food security, and reducing regulatory hurdles for MSMEs. He highlighted the critical role of MSMEs in providing non-farm jobs and the significance of growing small and medium-sized businesses to absorb more labor. He also advocated for expanded female workforce participation, focusing on workplace safety. In terms of artificial intelligence, he cautioned about possible labor displacement and called for a balanced approach.

Source: IBEF 

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