New Delhi: India’s Chief Economic Advisor (CEA) V Anantha Nageswaran addressed the TV9 Network’s ‘What India Thinks Today Global Summit 2025’ on Friday and expressed confidence in the country to achieve high growth rate and become the third largest economy in the world.
Addressing the Summit through a video conference, CEA Nageswaran said in the last 30 years the country has achieved 13 times growth. However, the journey is half complete and we need to go much further to become a developed nation. He said that India will face bigger challenges to achieve a high growth rate due to uncertainty at the global level and prevailing geopolitical risks.
Twenty years ago, our country achieved around 9 per cent GDP growth rate as there was a global economic boom. However, the 2008 economic recession at the international level hit the developed countries hard. The same growth rate might not materialise as our exports and imports were negatively impacted due to the global meltdown, the Chief Economic Advisor stated.
Sounding confident about India’s growth, Nageswaran said the growth prospects of the developed countries are affected due to their debt burdens. However, India’s growth will be intact and the government’s budget announcements are aimed at maintaining the same.
He said another positive factor for India is that the people of the country have reposed their faith on the governance and economy, which gives the government confidence to formulate policies to sustain growth and help the country to grow at faster levels.
For India to become a third largest economy in the world, India needs to focus on Indian youth’s skills, education, focus on the growth of Micro, Small and Medium Enterprises and (MSME), tackling Global warming and a balanced use of Artificial Intelligence.
For the country to achieve a high growth rate, the youth needs to be educated and skilled. He said the focus should be on having a healthy and productive youth who will be a key driver of economic growth, the CEA said.
Nageswaran further said that employability is the biggest challenge for a country. He highlighted the government’s initiatives of creating Artificial Intelligence (AI) centres, medical college seats, skilling centres and digital learning. He further said that the New Education Policy is also aimed at educating the GenX in a way so that they could adapt to the future challenges.
CEA V Anantha Nageswaran stressed on the importance of the growth of MSMEs. He said that unless the country has a viable MSME sector there can be no growth in the manufacturing share of GDP which is considered to be a backbone of any country. The government had amended tax laws to benefit the particular industry. It helps in ease of doing business directed towards small and removing the unnecessary obstacles
Another important factor to improve the economic condition of the country is boosting agricultural productivity. Speaking on this factor, Nageswaran said a large section of the population is dependent on agriculture for livelihood and the government has taken several steps like covering more land under irrigation and improving agricultural productivity.
The CEA said the country has to consider factors like global warming while formulating its policies in regards to the energy sector. He said the focus should be on diversification of the energy sector as this would ensure a low emission pathway for future growth.
The incumbent Chief Economic Advisor also touched upon the issue of Artificial Intelligence. He said the country has to create 8 million jobs so AI should be harvested in a way that it does not affect job creation.
CEA V Anantha Nageswaran addressed TV9 Network’s ‘What India Thinks Today Global Summit 2025′. He expressed confidence in India achieving a high growth rate and becoming the world’s third-largest economy. He highlighted the importance of youth skills development, MSME growth, tackling climate change, and responsible AI implementation. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
