New Delhi, May 5 (KNN) Chief Economic Advisor V. Anantha Nageswaran has affirmed that India’s economy continues on a high growth path despite prevailing global challenges.
Speaking at an Ashoka University event, Nageswaran stated, “India’s economy is in good shape despite challenging global environment. While the final number for FY25 will be available in May, current indicators suggest we are progressing well.”
Nageswaran identified several priority areas for the country’s economic focus, including energy affordability, energy transition, employment generation through manufacturing and small and medium enterprises.
He added that artificial intelligence, education, and workforce skilling would be key drivers of future growth. The CEA emphasised the importance of maintaining macroeconomic stability by keeping inflation in check while pursuing inclusive growth objectives.
During the same event, NITI Aayog Vice Chairman Suman Bery outlined India’s long-term vision of achieving developed, high-income country status by 2047.
“Over the last three decades, India has achieved a consistent annual growth rate of 6.5 per cent, and I think it’s an impressive achievement. It showcases both institutional agility and a certain institutional maturity in India,” Bery remarked.
He further suggested that global economic turmoil could present opportunities for India, particularly in leveraging its demographic dividend, technological capabilities, and shifting geopolitical dynamics.
According to the International Monetary Fund’s report released last month, India maintains its position as the world’s fastest-growing major economy and is the only country expected to achieve over 6 percent growth in the next two years.
The IMF’s April 2025 World Economic Outlook projects India’s economy to grow at 6.2 percent in 2025 and 6.3 percent in 2026, significantly outpacing China’s forecast of 4 percent and 4.6 percent for the same periods.
This robust outlook for India contrasts sharply with the broader global economic forecast.
IMF Chief Economist Gita Gopinath noted, “Our April 2025 World Economic Outlook projects significantly weaker global growth at 2.8 percent for 2025 with growth downgrades for 127 countries making up 86 percent of world GDP.”
The United States, which has precipitated global tariff tensions, is expected to see its GDP growth slow to 1.8 percent this year, with a further projected decline to 1.7 percent in 2026.
(KNN Bureau)
