Chief Economic Advisor

G20 second framework working group meeting to discuss global macroeconomic issues

Chief Economic Advisor V Anantha Nageswaran on Thursday said the global uncertainty has been rising after the recent developments in the United States and governments, businesses and individuals should keep 'margins of safety' in fiscal, corporate and savings account planning. He said the global growth estimates of the International Monetary Fund (IMF) given in January looks outdated and countries will have to watch what the developments in the US over the last week would do to confidence, bank lending growth and the subsequent chain effects. Two banks in America have gone belly up over the last week. Signature Bank, New York, which lent mostly to crypto industry was shut down by the regulators on Sunday after there was a run on their deposits. Besides, the failure of Silicon Valley Bank last week left many startups, tech companies, entrepreneurs and VC funds nervous and jittery. SVB, the 16th largest bank in the United States, was closed on Friday last by the California Department

'Morality, ethics should undergird free-market economy'

Chief Economic Advisor V Anantha Nageswaran on Wednesday said the performance of the manufacturing sector and growth rate in private consumption expenditure in the December quarter of 2022-23 is appearing 'depressed' because of higher base. According to Nageswaran, the GDP growth base was inflated due to data revision for the past three years. The National Statistical Office (NSO) on Tuesday revised GDP growth data for the past three years -- 2019-20, 2020-21 and 2021-22 and also released the second advance estimates of GDP for 2022-23. While the growth rate for 2021-22 has been revised up by 40 basis points to 9.1 per cent, from 8.7 per cent, the GDP for 2020-21 (Covid impacted year) too has been revised upwards to (-) 5.8 per cent, from (-) 6.6 per cent. For 2019-20 also, the growth has been revised upwards to 3.9 per cent, from 3.7 per cent. However, the second advance estimates for 2022-23 real GDP growth was retained at 7 per cent -- as was projected in first advance estimate

"There are countries that are facing huge debt problems and our aim in G20 will be to find lasting solutions to these problems"

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Nageswaran said that the Economic Survey provides a 'bird's-eye view of happenings in the economy

The Modi government will present its last full Budget on February 1 as the 2024 Budget will be a vote on account because the nation will be heading for the hustings from April next year

Nageswaran added that the economy will be $3.5 trillion by the end of the current fiscal, FY23

Integration with global economy must increase

The FCBD meeting is setting the agenda for the meeting of G20 finance ministers and central bank governors, scheduled to be held in Bengaluru in February

'Not necessary or healthy for public sector to keep expanding capital investment,' he says

India's chief economic adviser said on Friday that the current pace of public spending in the country could crowd out private spending

While on the growth outlook of the next financial year FY24, he said he is optimistic on the growth story than many of global agencies forecast

'India's annual import cover comfortable; IMF does not consider external sector to be in a zone of vulnerability'

Prime Minister Narendra Modi has approved Virmani's appointment notified on November 15. Here's all you need to know

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In a highly uncertain global economic environment, realistic growth projections would reduce risks

The IMF sees FY23 GDP growth at 6.8 per cent compared with 7.4 per cent earlier, while the RBI has cut its forecast to 7 per cent from 7.2 per cent

Nageswaran flags climate finance as a key agenda of bloc in face of 'unknown unknowns'