'Indian Economy To Maintain 6.5% Growth In Coming Years’

Indian economy will maintain the trend growth rate of over 6.5 per cent in the current decade, Chief Economic Advisor V Anantha Nageswaran said on Thursday.

Nageswaran said the Indian economy will see a growth of 6.5 -7 per cent in the current fiscal, and will clip at 6.5 per cent each year through the reminder years of the current decade. 

Private sector analysts, RBI and global agencies like OECD and the IMF project 6.5-7 per cent growth in this fiscal, and this appears to be reasonable at this point in time, he said, adding that the internal drivers of demand are very resilient.

“We will get the data on the second quarter in a few days, which will bring in more clarity on numbers. However, the projections from global agencies is converging around 6-6.2 per cent growth in FY 24,” Nageswaran said at the SBI Banking and Economic summit in Mumbai. .

Citigroup has estimated an economic growth of 6.7 per cent in the current fiscal ending March 2023, while S&P’s projection is 7.3 per cent. Meanwhile, RBI has pegged the growth at 7 per cent.

Nageswaran said that the re-invigorated capex cycle along with the stable financial system and structural reforms are paving the way for medium-term growth to continue at a higher pace.