Private sector will continue to deploy capital, boost investments: CEA Nageswaran
He reiterated that real economic growth this fiscal year will remain in the 6.5-7% range, as projected in the Economic Survey, despite the deceleration in the September quarter to 5.4%. The CEA was speaking at CII's Global Economic Policy Forum.
Nageswaran said while the increase in the capital formation ratio since the pandemic is largely driven by the public sector, the private sector, too, has started to invest — something that will be more discernible in the coming years.
He underscored the need for doubling down efforts to pull all the domestic growth levers. India, he said, has to navigate a much tougher external environment to sustain high growth rates unlike during 2003-08 when the economy, even with much greater imperfections, expanded at 8-9% annually, riding the global boom. "(Moreover) the agenda of emission mitigation is also a huge overhang on developing countries in terms of balancing their economic aspirations and climate change management," he said.
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