GDP for Q3: According to CEA Nageswaran, international organizations should increase India's potential growth rate to 7%, if not higher
Nageswaran says that the drop in the GDP's proportion of private final consumption spending in 2023–2024 is a reflection of more equally distributed economic growth rather than a downturn in demand.
Speaking to Brazilian press after the announcement of GDP growth figures for October–December 2023 was the government's senior economist.
According to Chief Economic Adviser V Ananth Nageswaran, there is reason for foreign organizations to increase India's potential growth predictions to 7% or higher, given the country's ongoing outperformance and the most recent GDP growth print.
On February 29, Nageswaran, who is a member of the Indian delegation attending the G20 meetings, stated that the structural changes occurring in India should be acknowledged in a virtual interview with reporters from Brazil.
The fact that the economy has continually performed better than expected and against expectations highlights the reality that the physical and digital infrastructures of the economy are truly undergoing a fundamental revolution. Nageswaran said, "boosting the value in terms of purchasing power of Indian households, that's what we discovered in the Household Consumption Expenditure Survey data," in reference to the inclusion agenda and the framework.
"There is therefore an account for international agencies to reassess their expectations of potential GDP growth in India closer to, at least above, 7 per cent," he said.
