Chief Economic Advisor puts faith in India’s manufacturing sector, says 7% GDP possible

New Delhi (India), 1st March 2023: Chief Economic Advisor V Anantha Nageswaran on Tuesday stated that the current strength displayed by the manufacturing sector indicated that the current fiscal year might end on a 7% GDP growth rate.

However he also warned people for upcoming tighter financial conditions due to the geopolitical turmoil and higher temperatures. Nageswaran said, “2023-24 may not see a big ticker shock as we saw in early months of 2022-23 as the war broke out in 2022 but nonetheless some of the underlying factors are still simmering and we need to be watchful,”

He added that the manufacturing taking place in the country was in good health.
According to him, the GDP growth forecast of 6.5 per cent for the next fiscal is well within the range of forecast by other agencies like OECD and ADB but there are downside risks.

The CEA said that the country only needs 4-4.1 growth rate to achieve 7% GDP at the end of the fiscal year.