Chennai: Chief Economic Advisor (CEA) Dr V Anantha Nageswaran on Thursday expressed optimism about India’s growth potential.
Speaking at a special interactive session organised by FICCI here, he affirmed that India’s real GDP growth for FY23 was a robust 7.2%, with expectations for the final figure to be even higher.
“We have had two successive good years, strengthening the recovery from the pandemic-induced contraction,” stated he said, adding, the lower growth figures reported in the third quarter of FY23 due to base effect adjustments, not a loss of economic momentum.
Dr Nageswaran also provided an outlook for FY24, projecting a real GDP growth of 6.5%, a figure supported by both the Ministry of Finance and the Reserve Bank of India.
“The risks surrounding this number are evenly balanced, suggesting a strong likelihood of achieving this growth target”, he added.
A pivotal aspect of his talk was India’s anticipated rise in the global economy. “We were the 10th largest economy in 2014, and we expect to become the third largest economy in 2027,” he exuded confidence.
Emphasizing that this progression requires the nation to continue to “do the right thing, Dr Nageswaran said India’s contribution to global GDP growth has risen six-fold since the turn of the millennium.
“India is set to become the third-largest contributor to global GDP this year”, he said.