India is enjoying macroeconomic momentum for now but must stand guard against global headwinds: Chief Economic Advisor
V. Anantha Nageshwaran, Chief Economic Advisor, participated in an interaction meeting with business and academic leaders organized by Swadeshi Jagaran Manch
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Mumbai, June 20: India is enjoying macroeconomic momentum for now and is a bright spot amongst peers, said V. Anantha Nageshwaran, Chief Economic Advisor, while participating in an interaction meeting with business and academic leaders organized by Swadeshi Jagaran Manch here on Friday.
Around thirty-five business and academic leaders from across a vast cross-section of sectors – from banking to biotechnology to manufacturing to cite a few - put forth their views and made valuable suggestions for economic progress and shared feedback from their sector. Ashish Chauhan, the CEO of Bombay Stock Exchange shared his appreciation of the frank and detailed discussions done during the session.
The Chief Economic Advisor listed the Central government’s priorities of privatization and asset monetization, targeted delivery of welfare, sustainable general government debt, structural and process reforms, and strengthening of MSMEs. He discussed that the global economy seems headed for a recessionary phase in the latter part of 2022. Global supply-induced growth and inflation pressures on India are inevitable in 2022-23.
He said India’s New Economy is marked by new-age tech firms, leveraging of information and communication technology, fintech growth, the opening of new sectors such as Geospatial and drones and public digital goods such as UPI, C0-Win, and now ONDC. ONDC represents a departure from ‘scaling what works’ to a new approach of ‘what works at scale.
Swadeshi Jagaran Manch (SJM) National Convener Sundramji drew attention to the share of manufacturing being 15% of the Indian economy for nearly 20 years and the need to increase it significantly for enabling employment. He highlighted the focus on SJM in working towards development driven by society rather than waiting for government or market-driven development alone.
Dinesh Nandwana, CMD, Vakrangee group thanked CEA V.Anantha Nageswaran and all participants for a cordial and constructive discussion.
Participating in “Swadeshi Arth Samwad” (Swadeshi Economic Dialogue), he listed potential threats and headwinds from global situation and said India has to be on guard. He particularly identified stiff challenges posed by uncertainty and risks in projection of the US federal reserve fund rates and added that the margin of error is thinner than it appeared in Feb. 2022.
Around thirty-five business and academic leaders from across a vast cross-section of sectors – from banking to biotechnology to manufacturing to cite a few - put forth their views and made valuable suggestions for economic progress and shared feedback from their sector. Ashish Chauhan, the CEO of Bombay Stock Exchange shared his appreciation of the frank and detailed discussions done during the session.
The Chief Economic Advisor listed the Central government’s priorities of privatization and asset monetization, targeted delivery of welfare, sustainable general government debt, structural and process reforms, and strengthening of MSMEs. He discussed that the global economy seems headed for a recessionary phase in the latter part of 2022. Global supply-induced growth and inflation pressures on India are inevitable in 2022-23.
He said India’s New Economy is marked by new-age tech firms, leveraging of information and communication technology, fintech growth, the opening of new sectors such as Geospatial and drones and public digital goods such as UPI, C0-Win, and now ONDC. ONDC represents a departure from ‘scaling what works’ to a new approach of ‘what works at scale.
Swadeshi Jagaran Manch (SJM) National Convener Sundramji drew attention to the share of manufacturing being 15% of the Indian economy for nearly 20 years and the need to increase it significantly for enabling employment. He highlighted the focus on SJM in working towards development driven by society rather than waiting for government or market-driven development alone.
Dinesh Nandwana, CMD, Vakrangee group thanked CEA V.Anantha Nageswaran and all participants for a cordial and constructive discussion.