Indian economy likely to grow at 6.5% in coming decade: CEA Nageswaran

INTERNATIONAL DESK: The Indian economy is likely to grow at the rate of 6.5 per cent in the coming decade on the back of the turnaround in financial and investment cycle, Chief Economic Advisor (CEA) V Anantha Nageswaran said on Wednesday.

Addressing an event here, Nageswaran further said going forward, global exports growth volumes may be somewhat tepid in terms of their growth rates due to the kind of uncertainties the world is facing.

“So, I think the restoration of the financial, credit and the investment cycle in the commercial sector and the real estate sector will probably see us growing on an average of six and a half per cent in the coming decade,” he said.

The Asia’s third-largest economy recorded year-on-year growth of 4.4 per cent in October-December, down from 11.2 per cent a year back and 6.3 per cent in the preceding quarter.

The finance ministry’s Economic Survey has projected the economic growth to be 6.5 per cent in the 2023-24 fiscal beginning April 2023, while the RBI has projected India’s economic growth to slow down to 6.4 per cent in FY24 from 7 per cent in the current fiscal. (TET)