India's Chief Economic Advisor Predicts 7% Growth For The Remainder Of The Decade
Nageswaran recognised that the growth forecasts for the current fiscal year were higher than those set at the beginning of 2022, at around 7 percent.
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The chief economic counsellor to the finance ministry predicted on September 20 that India's GDP would expand at a rate of 7% for the remainder of this decade.
At the Global Fintech Fest, V Anantha Nageswaran stated that "recently, India has surpassed the United Kingdom to become the world's fifth largest economy in absolute terms." "While that is a commendable accomplishment, it is not particularly surprising. As we move into 2023 and beyond, India appears to be in a good position to replicate a steady growth rate of approximately 7 percent.
Nageswaran recognised that the growth estimates for the current fiscal year were higher than those made at the beginning of 2022, at above 7 percent.
The central bank projects a 7.2% increase in revenue for the fiscal year that ends on March 31.
The head of the prime minister's economic council, Bibek Debroy, recently made several statements that are at odds with Nageswaran's opinions. In an interview on September 6, he claimed that growth of more than 6.5 percent over the following five years would be unexpected.
The Indian economy is anticipated to increase by 7.5 percent this year, the greatest growth rate among the top economies in the world, according to Prime Minister Narendra Modi's statement on September 16.
In light of a revival in contact-intensive services and a rise in private spending, the finance ministry anticipates the recovery to continue in the months to come.
