India's Economic Resilience: Thriving Amid Global Challenges

India is projected to achieve a 6.5-7% economic growth this fiscal year, driven by domestic initiatives, trade, and services. Speeches by Dr. V Anantha Nageswaran and Sunil Barthwal emphasize capital formation, mental health, and digital literacy as key areas for sustained progress and global competitiveness.

India is on the verge of meeting its economic growth target of 6.5-7 percent for the current fiscal year, according to Dr. V Anantha Nageswaran, Chief Economic Advisor to the Government of India. Speaking at the Global Economic Policy Forum 2024, organized by the Confederation of Indian Industry, Dr. Nageswaran stressed the need for long-term growth amid global economic challenges.

Dr. Nageswaran emphasized the importance of bolstering domestic growth drivers such as capital formation and innovation. Addressing concerns regarding potential economic slowdown, he assured that India remains poised to achieve its fiscal goals, identifying capital formation as crucial. The private sector is anticipated to play a significant role with increasing investments over the next five years, fueled by profitability and robust balance sheets.

The event also witnessed the participation of Sunil Barthwal, Secretary of the Department of Commerce & Industry, who highlighted India's trade-driven growth. India's economy is among the most open globally, with 45.8 percent of GDP attributed to trade. This growth from 17.1 percent in 1991-92 is complemented by rising integration into global value chains and a robust services sector, which now accounts for 43.8 percent of India's exports, significantly above the global average.

(With inputs from agencies.)