CHIEF ECONOMIC ADVISOR VA NAGESWARAN
Take steps to accelerate growth: Eminent economists tell PM ahead of Union Budget
Eminent economists urged PM Modi to prioritize economic growth and infrastructure in the upcoming budget during a NITI Aayog meeting. Finance Minister Sitharaman will present the 2024-25 budget on July 23, focusing on accelerating growth and agricultural productivity.
India’s $6 trillion derivatives frenzy has government worried
Finance Minister Nirmala Sitharaman and Chief Economic Advisor V. Anantha Nageswaran sounded caution in recent days about growing retail participation in the equity futures and options market.
CEA Anantha Nageswaran bats for fresh round of capital market reforms
The CEA pushed for macro and financial stability, stressing that "sometimes it may be necessary to forgo rapid growth opportunities in favour of stability". This will ensure that the country remains on the high growth orbit for a longer period, he indicated. He pointed at the massive spurt in credit in the early part of this century and the subsequent spike in bad loans in the banking assets, which weighed down growth in the second decade of this century.
Household savings decline due to rising home, auto, personal loans
Household savings saw a third consecutive decline in FY24, dropping by Rs 9 lakh crore to Rs 14.16 lakh crore by FY23, per MoSPI data. ICRA's Aditi Nayar attributed this to a 73% rise in liabilities during 2022-23. Yet, there's optimism for FY25 as RBI curbs on personal loans may reverse the trend. Chief Economic Advisor Nageswaran highlighted a shift towards real assets.
India’s growth can top 6.5% for a decade, says CEA Nageswaran
Chances are “quite high” that India’s growth exceeded 8% in the fiscal year that ended in March and the economy will likely expand more than 7% in the current financial year, he said. The rainfall pattern in the months ahead will be crucial for the growth outlook, he said.
Govt initiatives, growing investment to create more job opportunities during decade: CEA
CEA V Anantha Nageswaran highlighted the government's initiatives and growing investments as drivers of job creation in the coming decade. He noted a positive shift from the last decade, with improved non-food credit growth and strong balance sheets for companies and banks. Nageswaran cited data showing job growth in manufacturing, services, and construction sectors, emphasizing the need for continued growth. He also mentioned government efforts in skill development, EPFO contributions, and infrastructure investment, while calling for simplifying regulatory and tax policies to further support business and job creation.
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Congress has concrete plan to tackle unemployment: Chidambaram
Nageswaran reportedly asserted on Tuesday that it was incorrect to think that government intervention could solve every social and economic challenge, contending that a diagnosis was easier than a solution when it concerned problems like unemployment.
Rise in investments will generate more jobs this decade: CEA
V Anantha Nageswaran anticipates more job opportunities with improved capital formation, evidenced by positive signs in various sectors. The economy shows potential for growth with streamlined policies and a focus on job creation.
Words like 'green', 'climate' are fads, have lost their meaning: CEA
V Anantha Nageswaran criticized the overuse of words like 'sustainable', 'green', 'climate' and 'environment' at a research conference. These words serve as convenient packaging for industries, policymakers, regulators, and financiers.
FY24 GDP growth to be closer to 8 pc but we must not succumb to triumphalism and exuberance: CEA
India's Chief Economic Advisor, V Anantha Nageswaran, predicts the real GDP growth for FY24 to be around 8%, surpassing the Ministry of Statistics' estimate of 7.6%. Nageswaran highlights optimism in industry and services, cautioning against complacency. He emphasizes sustained growth efforts, with industry and services leading, while agriculture faces challenges due to delayed monsoons.
Indian economy grows 8.4% in Q3FY24; full-year estimate up to 7.6%
The Indian economy experienced a faster-than-anticipated expansion of 8.4% in Q3FY24, pushing FY24 growth to 7.6%, up from 7.3% in January. The growth was primarily driven by investment and manufacturing, but also by a downward revision to the previous year's numbers and a boost in net taxes. The growth reached its highest level in one and a half years, with the FY23 number revised downwards to 7% from 7.2% projected earlier.
CEA calls for upgrade in India growth forecasts by global agencies
India's chief economic advisor, V Anantha Nageswaran, has urged for an upward revision of the country's FY24 growth forecasts to at least 7%, despite the National Statistics Office's forecast of 7.6%. The CEA believes sustained investment activity, healthy Rabi sowing, manufacturing profitability, and underlying services sector resilience will support economic activity in FY25.
CEA flags carbon tax, says developing countries must not be penalised
Chief Economic Advisor V Anantha Nageswaran has expressed concerns about the imposition of tariffs on high-carbon goods by advanced economies, arguing that developing countries should not be penalised for contributing to the economic activities of the developed world. He also highlighted the vulnerability of developing countries towards renewable energy, especially in the wake of geopolitical tensions.
India needs high economic growth to invest in energy transition: CEA
Chief Economic Advisor (CEA) V Anantha Nageswaran emphasized the critical need for India to achieve high economic growth to effectively invest in its ongoing energy transition. Speaking at an event, Nageswaran highlighted that the transition from coal to renewable energy requires both financial resources and time.
7.6 per cent Q2 GDP growth bodes well, CEA Nageswaran sees FY24 rise at 6.5 per cent
Addressing the media after the release of GDP data, Nageswaran also highlighted that tax revenue has grown at almost double the pace of nominal GDP expansion in the first half of FY24, which is unusual. This, he said, is prompting him to wonder if the nominal growth rate has been understated. It's certainly not overstated, as is the perception in certain quarters, he asserted.
CEA Nageswaran hints at upward revision of FY24 GDP estimate after big Q2 surprise
After Q2 GDP growth figures exceeded expectations, Chief Economic Advisor V. Anantha Nageswaran suggested that given the present trajectory India might be underestimating rather than overestimating its GDP growth projections. The government has set a GDP growth target of 6.5% for the fiscal year 2024. The economy recorded a growth of 7.6% in the September quarter, surpassing the 6.8% forecast by economists in a Reuters poll. Nevertheless, this growth rate was lower than the 7.8% expansion witnessed in the preceding quarter.
Cities becoming health traps; need clean air and open spaces: CEA Nageswaran
India's Chief Economic Advisor, V Anantha Nageswaran, emphasized the importance of cities exploring diverse funding sources, including capital markets, to address urban challenges. Speaking at an event in Delhi, he discussed the need for cities to prioritize clean air and open spaces. Nageswaran also addressed issues such as land-use conversion, advocating for streamlined processes.
Without economic growth, countries can’t own climate agenda: CEA Nageswaran
From no miraculous solution to looking for win-win solutions for investors, CEA Nageswaran lists the key principles for businesses and investors in the context of energy transition.
India to grow at 6.5% on average for the rest of this decade: Chief Economic Advisor
V Anantha Nageswaran said that India is unlikely to witness higher growth like it had seen between 2003 and 2008 when the economy grew 8.5-9%, supported by benign global conditions.
CEA rejects 'statistical discrepancy' criticism on Q1 growth numbers
"In Q1 of 2023-24, the discrepancy of 2.8 per cent has a plus sign. This indicates that the expenditure side has explained only 97.2 per cent of the income side. It does not mean that the 2.8 per cent that has yet to be explained does not exist," Nageswaran said in an op-ed article.
CEA against concept of Universal Social Security as it may generate 'perverse incentives'
The Chief Economic Advisor of India, V Anantha Nageswaran, has rejected the idea of Universal Social Security for the country, saying it would create “perverse incentives” and discourage citizens from seeking opportunities to generate income. Nageswaran added that Universal Social Security would not be necessary in India as the country needed to focus on economic growth to fulfil its people’s aspirations.
G20 second Framework Working Group meeting to discuss global macro-economic issues: CEA V Anantha Nageswaran
"The Framework Working Group of the G20 Finance Track will discuss global macro economic issues of relevance today. It will deliberate on how international policy cooperation can be enhanced to achieve strong sustainable balance and inclusive growth across G20 nations," Nageswaran told reporters.
Global uncertainty rising, need to maintain 'margins of safety': CEA V Anantha Nageswaran
The global uncertainty has been on a rising trend and has gone up a few notches in the last week, said India's Chief Economic Advisor V Anantha Nageswaran adding that countries need to live with this, not just this year but for the next year and beyond. Nageswaran said that the key thing to do when you are facing uncertain times is to make sure that you have margins of safety in your operations, whether it is for corporates or for investors.
Implementation of certain norms could perpetuate existing market dominance: CEA
Chief Economic Advisor V Anantha Nageswaran on Friday said that implementation of certain regulations by regulators could perpetuate existing market dominance as he cited the data and privacy norms in the technology space. Delivering the keynote address at a conference organised by the Competition Commission of India (CCI), he emphasised that while competition drives innovation, there is also a distinction between competition and free markets.
Competition drives innovation: CEA
Regulators and competition agencies can work in setting up the framework to prevent creation of barriers in the markets, he noted. Competition does drive innovation, he said.
Economic Survey is an assessment of economic conditions & not an occasion for grandstanding: V Anantha Nageswaran, CEA
“On real GDP growth, we project a baseline number of 6.5% for the next financial year with a band of 6% to 6.8%. We also acknowledged that downside risks dominate the upside risk to this number. The Economic Survey at the end of the day is an assessment of economic conditions and the near term prospects and we have also highlighted some areas where actions are needed. We do not see this as an occasion for grandstanding.”
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