Chief Economic Advisor (CEA) to the Union government, V Anantha Nageswaran, on Friday said that the Indian economy is expected to grow at a rate of 6.5-7 per cent in the current financial year on a steady state basis.
He said the growth rate is commendable given the current global scenario. Speaking virtually at an event organised by the Bengal Chamber of Commerce and Industry (BCCI), Nageswaran said that while the economy will grow at 6.5 per cent in real terms, the nominal rate of growth will be 11 per cent, taking inflation into account.
“The Indian economy is poised to remain the fastest growing in the current financial year with a growth rate of 6.5-7 per cent on a steady state basis. This is a very good achievement in the current global context,” Nageswaran said.
He said that while the world is facing medium-term uncertainties with global trade slowing to a crawl, post-COVID recovery in India is now cemented due to calibrated fiscal and monetary policies pursued by the government.
“Post-COVID recovery in India is cemented due to prudent macro-economic management which laid the foundation of economic growth with stability,” he said.
Nageswaran said that there is no vulnerability in the current account balance of the country with domestic financial markets and the banking system in good health.
