India can look for another year of solid economic performance: CEA

Enthused by higher than expected GDP number in the fourth quarter of FY23, Chief Economic Adviser V Anantha Nageswaran on Wednesday said India can look for another year of solid economic performance.

India’s economy grew by 6.1 percent in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors.

Briefing media on the quarterly number, the CEA said the risk to the projected 6.5 per cent GDP number is evenly balanced and there is a good chance of this number may be exceeded in the current fiscal.

“So, we are very pleased to have been able to present a story of sustained economic momentum combined with macroeconomic, financial and fiscal stability, and we look forward to another year of solid economic performance by India,” he said.

ALSO READCAIT seeks common SOP for banks from RBI for depositing, exchanging Rs 2000 notes
Last week, Reserve Bank Governor Shaktikanta Das said the growth for 2022-23 is expected to be more than the advance estimate of 7 per cent.

As per the second advance estimate released by the National Statistical Office (NSO) in February, the economy was estimated to grow at 7 per cent in 2022-23 against 8.7 per cent in the preceding fiscal.

No need to cheer: Congress
The Congress on Wednesday hit back at the government after the GDP numbers were released saying that there is absolutely no cause to cheer in them.

In a tweet, Congress General Secretary and communications in-charge Jairam Ramesh said: “The economy is not a film like QSQT – Quarter Se Quarter Tak. There is absolutely no cause for cheer in today’s GDP numbers. They will be spun, but deep structural problems on the double engines of investment and consumption remain”.