Inflation to be ‘well-behaved’ in FY24: CEA Nageswaran
1 min read . Updated: 31 Jan 2023, 05:56 PM IST
Premium- India's economy is poised to do better in remainder of this decade, said CEA Nageswaran.
Chief Economic Advisor Venkatramanan Anantha Nageswaran said that inflation should cool off this year but it will take time as it is too 'entrenched.'
"By and large, inflation is likely to be well behaved in FY24 barring headwinds, said CEA Nageswaran.
Chief Economic Advisor (CEA) Dr V Anantha Nageswaran said that the India Monentary Fund (IMF) in its World Economic Outlook Update, has maintained India's GDP forecast for current Fiscal Year at 6.8 per cent, the next Fiscal Year at 6.1 per cent and for 2024-25 at 6.8 per cent.
India's economy is poised to do better in remainder of this decade, said CEA Nageswaran.
The Economic Survey was tabled with projections for economic growth for fiscal 2023-24. FM Nirmala Sitharaman tabled the Economic Survey in Parliament. As per the Economic Survey, India's economy to grow 6.5% in 2023-24, compared to 7% this fiscal and 8.7% in 2021-22.
Recovery of economy is complete; non-banking and corporate sectors now have healthy balance sheets, hence, we don't have to speak of pandemic recovery anymore, we have to look ahead to the next phase, Nageswaran said.
"It is my belief that India's improved balance sheet and digital infrastructure will add 60-100 basis points to India's GDP growth. The pandemic recovery stage is over for India," he said.
Reforms of the last eight years mean the country will perform better in this decade, he added.
The Economic Survey on Tuesday said the combined value of goods and services exports in current dollars for April - December 2022 is 16 per cent higher than in April-December 2021.
"As a country with a large merchandise trade deficit because of its dependence on imported fuel, the external sector is always watched closely, especially during rising oil prices," the Survey said.
"This financial year is one such year," it added.
