Balancing Growth and Transition: India's Economic Strategy

Chief Economic Advisor V Anantha Nageswaran discusses the need for cautious energy transition without hindering economic growth. He highlights the challenges India faces, such as job creation, skill gaps, and mental health issues, alongside the potential for private sector growth in capital formation.

Chief Economic Advisor V Anantha Nageswaran emphasized the need to handle the energy transition carefully to avoid sacrificing economic growth. Speaking at the Global Economic Policy Forum organized by CII, he noted the adverse effects of energy shifts, citing Europe's economic struggles due to escalating electricity prices.

Addressing economic challenges, Nageswaran reassured that India is poised to achieve 6.5-7 percent GDP growth this fiscal year. He stressed the importance of creating 8 million jobs annually, enhancing capital formation, and fostering private sector involvement amid global economic uncertainties.

Additionally, Nageswaran underscored the significance of tackling mental health issues among India's youth. He urged societal and private sector roles in promoting both physical and mental health to fully harness the demographic dividend. Creating jobs with decent wages remains a pressing national priority.

(With inputs from agencies.)