India's growth expected to be in range of 7-8.5% given global uncertainties: CEA
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Chief Economic Adviser (CEA) V Anantha Nageswaran has said India's growth is expected to be in the range of 7-8.5 per cent given the global uncertainties. Nageswaran stated ‘the range of outcomes is fairly wide. Wider than it could ever be and that makes decision making all the more hazardous. Lots of luck is needed to get it right.’
As per the Economic Survey, India's economy is expected to grow by 8-8.5 per cent in the fiscal beginning April 1. The CEA said he had a conversation with Fitch Ratings which has projected a growth rate of 8.5 per cent for India. He added although they have a negative outlook on India with BBB minus rating, they do have a forecast of 8.5 per cent real GDP growth for 2022-23.
He mentioned ‘So, the reality may in fact somewhere between this range of 7-8.5 per cent. We will take that in the current circumstances because the uncertainty as to how long this current conflict in Europe with last and the impact it would have not only on the price of hydrocarbon fuel, but also on fertiliser prices, food prices, etc is quite difficult to guess at this point.’ He said there are spillover effects likely to come from the monetary policy tightening by central banks in the advanced countries as well.
