India's potential GDP growth is in range of 6.5-7%, says CEA Nageswaran

India's potential GDP growth is in the range of 6.5-7 per cent and the country should be able to achieve it on the back of things that done already in the last 10 years, Chief Economic Advisor V Anantha Nageswaran said on Monday.

The Economic Survey projected India's GDP to grow at 6.5-7 per cent in 2024-25, down from a high of 8.2 per cent in the preceding financial year.

Addressing IVCA's GreenReturns Summit, he said, "India's potential GDP growth is in the range of 6.5-7 per cent and we should be able to achieve it on the back of things that we have done already in the last 10 yearswhether it is in terms of augmenting the physical infrastructure or achieving financial inclusion."  Emphasising the investment areas, he said, "We all know about the issue of intermittency. The investment shouldn't focus on setting up solar power plants or wind energy plants as we need to take into consideration the increasing cost of recycling solar panel waste and wind turbine waste. That is an area to invest in."  The other areas to invest in is the area of grid capabilities and technologies which will be able to withstand the intermittency of supplies from these renewable energy sources, he said.

With 45 years remaining for India to meet its commitment to achieving net-zero carbon emissions by 2070, he said about the complex challenge of balancing robust economic growth with the urgent need for environmental sustainability.

He also shared the current strategies and steps and urged for a collaborative approach.