Indian Economy To Grow At 6.5% In 2024: Chief Economic Advisor

The Indian economy will grow at 6.5 per cent in the current fiscal ending March 31, 2024, Chief Economic Advisor V Anantha Nageswaran said on Thursday.

This decade is going to be the decade of uncertainty. If the corporate sector delays its investment, then the virtuous cycle of employment generation and economic growth will not materialise, Nageswaran added.

"When it comes to the finance ministry, our emphasis has been to plan conservatively, both with respect to nominal GDP growth assumptions, buoyancy assumptions for revenue growth, etc.

"And I think, when I talk about being able to achieve six and a half per cent in real GDP growth on average, I am giving myself enough room to surprise on the upside," he said while addressing an event organised by industry body CII.

The Indian economy grew 7.2 per cent in 2022-23. The Reserve Bank also expects growth to be 6.5 per cent in the current fiscal.

India's economy grew 7.6 per cent in the September quarter of this fiscal and remained the fastest-growing large economy, mainly due to better performance by manufacturing, mining and services sectors.

The IMF, World Bank, ADB, and Fitch expect India's GDP to expand 6.3 per cent in the current fiscal. S&P Global Ratings expects India to record a 6.4 per cent growth this fiscal.

Nageswaran said rebalancing towards investments and manufacturing will happen if the investment cycle gets into high gear as it did in the first decade of the millennium.

"So, the rebalancing is something that we are waiting for, as all the enabling conditions are in place," he added. 

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