CEA: India to grow at average of 6.5% over 2023-30

KOLKATA: The economy is poised to grow at an average of 6.5 pc annually between 2023 and 2030, Chief Economic Advisor V Anantha Nageswaran said on Friday.

Speaking at the BCC &I Indo-Pacific Economic Conclave, Nageswaran said the global economy is going to witness a period of uncertainty, and India has to plug into the global supply chain and make itself attractive for the China-plus one strategy.

“We have had 9.1 per cent growth in FY22 and 7.2 per cent in FY23. We are poised to grow 6.5 per cent per annum on average for this year and the remainder of the decade. Why I am talking about 6.5 per cent and not 7.5-8 per cent? It is because we are not experiencing the kind of global growth that we experienced between 2003 and 2008,” the CEA said.

India has made progress in the last eight years as it has now become the fifth largest economy from the 10th rank globally in 2014, and within the end of this decade, it will become the third largest economy in the world, he asserted.

“Global economy is going to go through a period of uncertainty. Geo-political fragmentation, geo-economic inefficiencies, and reversal of globalisation, and all these factors are currently underway.

“Whereas between 2003 and 2008, globalisation was in its heyday. Interest rates were low or were being lowered globally..now interest rates either are rising or going to remain at a high level. We are realistic about our growth prospect, which is still going to be one of the world’s highest growth rates at 6.5 per cent in real terms.”