New Delhi: Chief Economic Advisor (CEA) V Ananth Nageswaran Amid global uncertainties due to the Russo-Ukraine war, India is still in a better position among major economies due to a better financial system and a sound corporate health, it said on Wednesday.
He said that India has already taken several reforms in banking and other sectors and is now focusing on increasing public investment.
“Compared to other countries, even in advanced countries, I think India is in a relatively better position because in the last decade India paid a certain price… the financial sector towards 2018,” he said at the Amazon Possible Summit. said in.
Besides, he said, Indian corporates are in good financial position as they have made cuts in their balance sheets.
“So we are entering this decade and this conflict (Russia-Ukraine) with a better financial system and a much stronger corporate financial health. So that gives us a lot and reserve Bank of India It has substantial forex reserves and with its recent monetary policy move, it has also indicated its determination to deal with inflationary pressures,” he said.
India has entered this period with considerable macroeconomic and policy stability, he said, adding that the government has taken several steps, including increasing capital expenditure.
Finance Minister Nirmala Sitharaman Capital expenditure (capex) for 2022-23 has been increased by 35.4 per cent to Rs 7.5 lakh crore to further public investment-led recovery of the pandemic-battered economy.
Thus, he said, India is expected to have a growth rate of 7-8 per cent depending on the duration of the ongoing conflict.
According to the Economic Survey, India’s economy is expected to grow at 8-8.5 percent in 2022-23. The RBI in its April policy had projected a growth rate of 7.2 per cent for the current fiscal from 7.8 per cent earlier.
Talking about the outcome of the ongoing war, nageshwaran There has been an increase in the prices of commodities, especially fuel and some food grains, leading to global inflation, he said.
This also led to a shortage of wheat and as a result many countries are facing rising prices.
“Inflation is one aspect, food security is another. Thankfully, in India we are relatively more comfortable than others. But there are many countries where food availability is more important than price,” he said.
Nageswaran said as the budget numbers are credible with respect to both the assumption of nominal economic growth and revenue growth, the numbers have become more credible.
He said that India has already taken several reforms in banking and other sectors and is now focusing on increasing public investment.
“Compared to other countries, even in advanced countries, I think India is in a relatively better position because in the last decade India paid a certain price… the financial sector towards 2018,” he said at the Amazon Possible Summit. said in.
Besides, he said, Indian corporates are in good financial position as they have made cuts in their balance sheets.
“So we are entering this decade and this conflict (Russia-Ukraine) with a better financial system and a much stronger corporate financial health. So that gives us a lot and reserve Bank of India It has substantial forex reserves and with its recent monetary policy move, it has also indicated its determination to deal with inflationary pressures,” he said.
India has entered this period with considerable macroeconomic and policy stability, he said, adding that the government has taken several steps, including increasing capital expenditure.
Finance Minister Nirmala Sitharaman Capital expenditure (capex) for 2022-23 has been increased by 35.4 per cent to Rs 7.5 lakh crore to further public investment-led recovery of the pandemic-battered economy.
Thus, he said, India is expected to have a growth rate of 7-8 per cent depending on the duration of the ongoing conflict.
According to the Economic Survey, India’s economy is expected to grow at 8-8.5 percent in 2022-23. The RBI in its April policy had projected a growth rate of 7.2 per cent for the current fiscal from 7.8 per cent earlier.
Talking about the outcome of the ongoing war, nageshwaran There has been an increase in the prices of commodities, especially fuel and some food grains, leading to global inflation, he said.
This also led to a shortage of wheat and as a result many countries are facing rising prices.
“Inflation is one aspect, food security is another. Thankfully, in India we are relatively more comfortable than others. But there are many countries where food availability is more important than price,” he said.
Nageswaran said as the budget numbers are credible with respect to both the assumption of nominal economic growth and revenue growth, the numbers have become more credible.