Rapid improvement in the economy, CEA said

Amid concerns about the economy, the country’s Chief Economic Advisor V. Ananth Nageswaran says that the indicators of the economy are improving. In such a situation, the country’s economic growth rate will be more than 7 percent in the current financial year (2022-23).

Chief Economic Advisor V. Ananth Nageswaran

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Chief Economic Advisor of the country (Chief Economic Advisor) V. Ananth Nageswaran said on Thursday that in view of the revised estimates of important figures related to the economy, the rate of growth of GDP in the current financial year (GDP Growth Rate) There is a possibility of staying more than seven percent.

Recent Office for National Statistics (NSO) Has also released GDP figures. In the second advance estimate of NSO, the growth rate is expected to be seven percent. Whereas in the first advance estimate released in January, the GDP growth rate was estimated to remain the same.

Economy will go up, not down

Nageswaran said that looking at the important indicators and the speed with which they are improving, he believes that the GDP growth rate in the current financial year will be higher instead of going down.

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At present, the real GDP growth rate in the country (based on the base price of 2011-12) is estimated to be Rs 159.71 lakh crore in 2022-23. Whereas in the first revised estimate of 2021-22, it was estimated to be Rs 149.26 lakh crore.

Growth rate was 9.1 percent in 2021-22

According to NSO, the GDP growth rate at base price is estimated to be seven percent in 2022-23, which was 9.1 percent in 2021-22. The growth rate slowed down to 4.4 per cent in the third quarter of the current financial year mainly due to the weak performance of the manufacturing sector.

The National Statistics Office on Tuesday revised the GDP growth rate figures for the last three years… 2019-20, 2020-21 and 2021-22 and also released the second advance estimate for 2022-23.

Growth did not decrease due to increase in interest rate

V. Ananth Nageswaran said that the increase in the interest rate cannot be the reason for the declining economic growth rate. This actually reflects the fact of good demand for loans. He said that the real interest rate is not very high at this time. In some areas, the earlier suppressed demand is now coming to the fore.

On rural inflation being high, Nageswaran said it did not take into account the fact that a large section of the population was getting essential food items without any amount. Regarding the economic benefits of digitization, he said that the scope of organized sector has increased due to increase in digital transactions.

(with language input)

Source: www.tv9hindi.com

: Language Inputs

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