New Delhi: The economy is expected to grow by 6.5 per cent to 7.5 per cent in the current financial year, Chief Economic Adviser (CEA) V. Ananda Nageswaran said on Friday. Digital transformation.
He further noted that it is important to maintain economic growth while ensuring sustainability and that the government has increased investments on the ground rather than revenue expenditure.
He said this is the best way to improve the economy.
Speaking at an event on „Building a Resilient Economy” with various industry leaders in Lucknow, CEA said the Indian corporate sector has improved its balance sheet, reduced debt and increased profitability.
He further noted that due to India’s sound economic policy, infrastructure built over the last eight years and digital transformation, India can grow for a long period of three to four years without overheating.
India has the potential to grow at a nominal rate of 10-11 percent, he said.
Nageswaran added that the economy is self-sustaining, recovering impressively post-pandemic, and in all probability the 2022-23 GDP growth rate of 7.2 per cent will be revised upwards in subsequent data revisions.
„Between now and 2030, without even assuming further reforms, I can say that based on what we have done so far, we have the potential to grow at a steady rate of 6.5 to 7.0 percent, and if we add more reforms in efficiency, factor market reforms, among others, we will grow at 7 to 7.5 per cent and can go up to 8 per cent,” he added.
The CEA noted that the private sector is poised to achieve robust investment growth on the back of strengthening corporate balance sheets and strong bank balance sheets.
In the medium term, investments will be the main driver of growth, he said.
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