The CEA Discusses India’s Outstanding Economic Performance within an Unstable Era
“India’s Strong Growth Projections by Chief Economic Adviser.”
During a keynote address at the Data User’s Conference held at the Indian School of Business (ISB) in Hyderabad, V. Anantha Nageswaran, the Chief Economic Adviser of the Government of India, highlighted the promising macroeconomic outlook of the country. Quoting statistics from the National Statistics office’s second advanced estimates, Nageswaran revealed that India’s real GDP is expected to expand by 6.5% in the fiscal year 2024-25, with a nominal GDP growth rate of 9.9% for the same period.
Nageswaran emphasized that these growth projections are among the highest globally, showcasing a healthy outlook across key sectors such as industries, services, and agriculture — which is anticipated to rebound to 4.6% in 2024-25 from 2.7% in 2023-24. Private Final Consumption Expenditure (PFCE) is also projected to grow significantly by 7.6% in 2024-25, compared to 5.6% in 2023-24, reflecting a robust increase in private consumption as a share of nominal GDP.
Nageswaran highlighted the importance of India’s high consumption share of GDP, especially in the current global scenario where many countries are focusing on boosting domestic demand. He praised the trends in gross fixed capital formation, stating that detailed macroeconomic indicators are essential for understanding the economy’s stability and guiding policy decisions in uncertain times.
The collaboration between MoSPI and ISB to provide granular data on India’s private sector activities was commended by Nageswaran, who emphasized the significance of data-driven policy reforms. The Data User’s Conference aimed to foster dialogue between data producers and users, showcasing India’s rigorous data collection efforts as a foundation for transformative policy initiatives.
Saurabh Garg, Secretary of MoSPI, highlighted the enhancements in data dissemination through an upgraded portal with interactive features, while Professor Madan Pillutla, Dean of ISB, emphasized the importance of data integrity in building predictive models for informed decision-making. The conference marked a milestone year for ISB, celebrating 25 years of research and its partnership with government agencies to drive impactful decision-making.
