India's Economic Resilience: Projected Growth Poised for Recovery

Chief Economic Advisor V Anantha Nageswaran is optimistic about India's GDP growth reaching 6.5-7% this fiscal year, citing renewed economic activity in some sectors. Despite a slowdown to 5.4% in the second quarter, potential upward revisions and ongoing economic momentum could lead to substantial fiscal growth.

India's Chief Economic Advisor, V Anantha Nageswaran, expressed optimism over the country's economic prospects, indicating that the nation could achieve GDP growth between 6.5% and 7% in the current fiscal year. Speaking at an Assocham event, Nageswaran remarked on the visible increase in economic activities across several sectors during October and November.

Despite a recorded slowdown to 5.4% GDP growth in the second quarter, often attributed to religious observances and excess rainfall, Nageswaran maintains that revisions could elevate this figure. The underlying economic growth remains robust, and he suggests not disregarding the broader growth narrative based on temporary setbacks.

According to Nageswaran, India saw an 8.2% GDP growth in the 2023-24 financial year, and projections from both the Economic Survey and the Reserve Bank of India are optimistic for sustained growth moving forward. With economic activities picking up, the path to achieving projected growth rates is considered feasible.

(With inputs from agencies.)