"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?

Denne historien er fra October 01, 2023-utgaven av Business Today India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra October 01, 2023-utgaven av Business Today India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS TODAY INDIASe alt
"Focus on the challenge of each customer"
Business Today India

"Focus on the challenge of each customer"

SHASHANK KUMAR MD & CO-FOUNDER I RAZORPAY Razorpay is India's first full-stack financial solutions company

time-read
1 min  |
December 08, 2024
PEDAL ON THE FUTURE
Business Today India

PEDAL ON THE FUTURE

THE MG WINDSOR EV, WITH ITS FUTURISTIC AND MINIMALIST DESIGN, COMBINES THE BEST OF BOTH WORLDS-COMFORT AND TECHNOLOGY

time-read
1 min  |
December 08, 2024
BREATHE EASY
Business Today India

BREATHE EASY

Whether you're battling allergies, looking to remove pollutants, or simply want to breathe easier, the right air purifier can make a difference

time-read
2 mins  |
December 08, 2024
The Taste of India in a Glass
Business Today India

The Taste of India in a Glass

FROM ROYAL LIQUEURS TO DISTILLED MAHUA, INDIAN HERITAGE ALCOHOLIC BEVERAGES ARE HAVING THEIR DAY IN THE SUN

time-read
4 mins  |
December 08, 2024
LOOK BEFORE YOU LEAP
Business Today India

LOOK BEFORE YOU LEAP

IN 2025, INVESTORS WILL NEED TO FACTOR IN VOLATILITY ACROSS ASSET CLASSES

time-read
5 mins  |
December 08, 2024
MISSING ADVISORS
Business Today India

MISSING ADVISORS

INDIA HAS JUST ONE INVESTMENT ADVISOR FOR NEARLY EVERY 200,000 INVESTORS. AT A TIME WHEN RETAIL PARTICIPATION IN THE STOCK MARKETS IS BOOMING, THIS ASSUMES SIGNIFICANCE

time-read
7 mins  |
December 08, 2024
TURNING A CORNER
Business Today India

TURNING A CORNER

SHARED ELECTRIC MOBILITY START-UP YULU'S SHIFT TO SERVICING THE QUICK COMMERCE SECTOR IS HELPING IT GROW FAST. IT IS NOW FOCUSSING ON IMPROVING ROAD SAFETY FEATURES AS IT TURNS EBITDA POSITIVE

time-read
5 mins  |
December 08, 2024
REALITY CHECK
Business Today India

REALITY CHECK

INDIAN STOCK MARKETS PLUNGED BEGINNING OCTOBER FOR A HOST OF REASONS, INCLUDING A FALL IN FII OWNERSHIP. HOW DEEP WILL THE CORRECTION BE?

time-read
6 mins  |
December 08, 2024
TRUMP'S TRADE TANGO
Business Today India

TRUMP'S TRADE TANGO

The return of Donald Trump as the 47th President of the US has put the global economy on edge. India, too, is unlikely to remain unaffected. How will policymakers meet this latest challenge?

time-read
9 mins  |
December 08, 2024
"The essence of the Trump administration will be transactional”
Business Today India

"The essence of the Trump administration will be transactional”

Global investor, analyst, and best-selling author Ruchir Sharma decodes why Donald Trump won the elections, what India should do, the risks, and more

time-read
10 mins  |
December 08, 2024