"WE'VE NOT SUFFERED FROM THE GLOBAL SLOWDOWN"
Business Today India|October 01, 2023
CEA V. Anantha Nageswaran is confident that the economy will grow by 6.5 per cent this fiscal despite concerns
- SURABHI
"WE'VE NOT SUFFERED FROM THE GLOBAL SLOWDOWN"

CHIEF ECONOMIC

Adviser V. Anantha Nageswaran believes a simple recession or slowdown around the world, on balance, will not be a bad thing for India, which has till now remained largely unscathed by global economic developments. In an interview to Business Today, he says that while weak merchandise export growth is not a surprise, services exports remain resilient. Edited excerpts:

How do you see the Indian economy performing amidst the global economic slowdown?

The global slowdown is not so big an issue for India. Even last year, the global economy was beginning to slow down... commodity prices went up, interest rates went up, while merchandise exports growth in India stagnated. But we achieved a 7.2 per cent real GDP growth in FY23 and I have said many times that this will eventually be revised higher when the final numbers come out in January or February 2026. The point is we have not suffered from the global slowdown, even though export growth might have been hit. This year too, merchandise exports are struggling, which isn't surprising given the state of global demand... But services sector growth is quite resilient. There always seems to be demand for Indian IT exports or global capability centre exports. Overall, I would even argue that a global slowdown to the extent that it puts a lid on commodity prices and on interest rate increases is a good thing for us on balance. However, that is the case only as long as it is not a very deep and prolonged recession accompanied by a financial sector stress. A simple garden variety recession or slowdown in developed economies or economies around the world, on balance, will be actually not a bad thing for us.

What are the big challenges and the big advantages for the economy?

この蚘事は Business Today India の October 01, 2023 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

この蚘事は Business Today India の October 01, 2023 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

BUSINESS TODAY INDIAのその他の蚘事すべお衚瀺
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 分  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 分  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 分  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 分  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 分  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 分  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 分  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 分  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024