India Defies Global Gloom: Economy on Strong Footing, Says CEA Nageswaran

Dr. V. Anantha Nageswaran, chief economic advisor to the Government of India, reassured that India’s economy remains resilient despite the ongoing global economic challenges. Speaking on the final day of the conference, Dr. Nageswaran highlighted the country’s strong macroeconomic indicators, signaling positive growth for FY25, and emphasized the need for continued structural reforms and innovation-led growth strategies to maintain this momentum.
“India’s economy is in good shape despite a challenging global environment,” Dr. Nageswaran said. “While we await final numbers for FY25, the current data shows that we are on a positive path. Our focus now must be on targeted investments in human capital, technology, and infrastructure to drive inclusive growth and long-term economic stability."

Macroeconomic Stability 
His speech stressed the importance of maintaining macroeconomic stability while fostering innovation, particularly through advancements in energy affordability, employment generation, and the promotion of manufacturing and small and medium-sized enterprises (SMEs).

“The priority now is to ensure that our policies align with the evolving needs of the global economy while fostering domestic growth,” he noted. “We must focus on creating an ecosystem where industries and the workforce can thrive together, making India a global economic powerhouse.”

Suman Bery, Vice Chairman of NITI Aayog, delivered a keynote on India’s long-term vision of becoming a developed, high-income nation by 2047. He praised India’s consistent growth rate of 6.5% annually over the past three decades and underscored the importance of continued reforms and accelerated growth in sectors like labor productivity, investment, and structural reforms.

Bery emphasized that the global economic turbulence presents an opportunity for India to fast-track its growth trajectory, leveraging its demographic dividend, technological advancements, and shifting geopolitical dynamics to its advantage.
“We are at a pivotal moment,” Bery said. “India can seize this opportunity to become a global economic leader if we stay focused on our long-term goals and continue to implement the necessary reforms.”

Strong Economic Future
Dr. Nageswaran also reaffirmed the government’s commitment to India’s economic stability and growth. He highlighted the importance of aligning national priorities with the rapidly changing global environment and ensuring that India’s economic policies remain dynamic and adaptable to future challenges. “India’s economic fundamentals are strong, and we are on the right track,” Dr. Nageswaran said. “By focusing on human capital, technology, and infrastructure, and by ensuring that our growth is inclusive, we can continue to progress towards becoming a developed nation by 2047.”

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