India's Economy Steady Despite Global Uncertainties, Says Chief Economic Advisor

Chief Economic Advisor V Anantha Nageswaran projects India's economy to grow at 6.5-7% in the current financial year. Highlights include a nominal growth rate of 11%, a strong recovery post-COVID due to prudent policies, and a need for domestic growth sources. He cautions on AI's impact on labor.

India's Chief Economic Advisor, V Anantha Nageswaran, stated on Friday that the country's economy is expected to grow at a rate of 6.5-7 per cent this financial year, considering the current global economic challenges.

Nageswaran made these remarks during a virtual event organized by the Bengal Chamber of Commerce and Industry. He emphasized that the 11 per cent nominal growth rate, factoring in inflation, reflects a solid performance in real terms.

The CEA cited India's post-COVID recovery, prudent macro-economic policies, and robust financial markets as key factors for stability. He suggested that the MSME sector and greater workforce participation from women are essential for sustained growth while warning about the potential labor displacement due to AI.

(With inputs from agencies.)