India's GDP growth will be around 8% in FY24: Chief Economic Advisor V Anantha Nageswaran

The central government's second advance estimate for fiscal 2024 had previously forecast the Indian economy to grow by 7.6 percent. Now, the country's Chief Economic Advisor (CEA), V. Anantha Nageswaran, has forecast strong economic growth exceeding the government's estimates due to the increase in activities in the country's industrial and service sectors.

During an event organized by the Association of Registered Investment Advisors (ARIA), the CEA of India said the growth will be above the statistics ministry's estimate of 7.6 per cent and will be around 8 per cent in the current financial year.

V Anantha Nageswaran added that there are many reasons to be optimistic about India's near-term prospects. He said: “If the fourth quarter GDP data is not much lower than the pace we saw in the first three quarters, then the GDP growth rate will be closer to 8 percent rather than 7.6 percent.”

Amid this development, the Chief Economic Advisor stressed the need to work humbly towards the goal without being influenced by the joy of victory. He added that the country should focus on long-term growth and not be influenced by short-term successes. He continued that India's economic growth in the industrial and services sectors was commendable, but the agriculture sector suffered due to the erratic monsoons. He continued, explaining that there are still some positive signs for the agricultural sector such as increased sowing of winter crops, a decline in El Niño and the expectation of a normal monsoon in the coming times.

Anantha Nageswaran also mentioned that in the coming times, domestic consumption will be at the forefront of contributing to the country's growth, adding that the gap between rural and urban consumption is also expected to narrow as the country develops. The financial condition of the banking and corporate sectors is also good and he said they are expected to contribute significantly to the country's growth in the next five to seven years.

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    first published: Mar 13, 2024 12:58 IST

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