India Needs Granular Economic Data In Crafting Effective Policies: CEA

(MENAFN- KNN India) New Delhi, May 28 (KNN) India continues to post the highest GDP growth among major global economies, driven by resilient domestic demand despite persistent global economic volatility, according to V Anantha Nageswaran, Chief Economic Advisor, Government of India.

Nageswaran stressed the importance of granular economic data in crafting effective policies, especially during uncertain global conditions, to sustain growth momentum and address emerging challenges.

Speaking at the Data Users' Conference, jointly organised by the Union Ministry of Statistics and Programme Implementation and the Indian School of Business, Nageswaran highlighted the country's encouraging macroeconomic outlook.

He cited the second advance estimates from the Ministry, projecting real GDP growth at 6.5 percent and nominal growth at 9.9 percent for FY 2024–25.

He underscored India's consumption-driven growth model as a critical strength, especially in contrast to economies grappling with demand imbalances and insufficient domestic stimulation.

India's high consumption share of GDP is a major advantage, distinguishing it from other economies facing similar external headwinds, Nageswaran noted.

Describing the macroeconomic environment as exceptionally stable, Nageswaran said the country is experiencing smooth sailing amid global economic turbulence and is not facing any economic crisis.

He also pointed out that global uncertainties present opportunities to advance domestic reforms.

Periods of external volatility can often create the political space for implementing reforms that may be difficult during more stable times, he said.

(KNN Bureau)

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