Dr V Anantha Nageswaran, India’s Chief Economic Advisor (CEA), expressed confidence in the country’s economic resilience, asserting that India remains on a solid growth path despite the ongoing global challenges.
Speaking at an event at Ashoka University on Saturday, Nageswaran highlighted that current economic indicators suggest positive momentum for the Indian economy.
“India’s economy is in good shape despite the challenging global environment.
While the final numbers for FY25 will be available in May, current indicators suggest we are progressing well,” Nageswaran remarked.
The CEA stressed the importance of maintaining macroeconomic stability while focusing on innovation-led and inclusive growth.
Nageswaran emphasised the need for targeted investments in key areas such as human capital, technology, infrastructure, and continued structural reforms.
These efforts, he noted, are essential to sustain long-term economic growth and development.
“Targeted investments in technology, infrastructure, and human capital are crucial for our progress,” he said, urging a balanced approach to ensure broad-based economic development.
In his address, Nageswaran also identified several priority areas for India’s economic future.
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These include energy affordability and the transition to sustainable energy, employment generation through artificial intelligence, improving the share of income accruing to both capital and labour, enhancing education and skilling, supporting the rise of manufacturing and small and medium enterprises (SMEs), and ensuring food security alongside private sector capital formation.
India’s prospects for the near future are promising, with the International Monetary Fund (IMF) projecting the country to remain the fastest-growing major economy.
The IMF’s April 2025 World Economic Outlook projects India’s economy will grow by 6.2% in 2025 and 6.3% in 2026, maintaining a strong lead over both global and regional peers.
Suman Bery, Vice Chairman of NITI Aayog, echoed Nageswaran’s optimism during his keynote address at the event.
Bery highlighted India’s long-term vision of becoming a developed, high-income society by 2047. To achieve this, he emphasised the importance of sustained growth, labour productivity, investment, and structural reforms.
“Over the last three decades, India has achieved a consistent annual growth rate of 6.5%, and I think it’s an impressive achievement,” Bery said. “It showcases both institutional agility and maturity in India.”
Bery also pointed out that the current global turmoil could provide India with unique opportunities to accelerate growth.
He stressed that India must act swiftly, leveraging its demographic dividend, advancements in technology, and shifting geopolitical dynamics to position itself for faster growth.
“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,” Bery concluded.
Focusing on structural reforms, innovation, and strategic investments, India is positioning itself to overcome global challenges and drive economic growth in the years to come.
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