Balancing Growth and Transition: India's Path to a Sustainable Future

Chief Economic Advisor V Anantha Nageswaran cautions about balancing energy transition with economic growth, emphasizing India's focus on job creation, skill gap, and private sector involvement. He highlights GDP growth, capital formation, and manufacturing deregulation as crucial for India's goal to become a developed nation by 2047.

During the Global Economic Policy Forum, Chief Economic Advisor V Anantha Nageswaran stressed the need for a cautious approach to energy transition while maintaining economic growth. He highlighted that abrupt transitions, like those seen in Europe, could lead to economic challenges due to rising electricity costs linked to renewable energy shifts.

Nageswaran assured that India is on track to achieve 6.5-7% GDP growth for the current fiscal year despite global uncertainties. He emphasized the need for continued domestic efforts to overcome challenges, focusing on creating 8 million jobs annually and addressing the skill gap to ensure sustained economic growth.

He advocated for strengthening capital formation and highlighted the importance of private sector participation. In line with India's goal to become a 'Viksit Bharat' by 2047, Nageswaran also called for innovation-driven 'Make in India' initiatives, enhanced manufacturing and MSME growth, and addressing mental health issues among the youth.

(With inputs from agencies.)