Q3 GDP numbers: Risks outweigh upside potential of FY24 growth, says CEA

The 2022-23 Economic Survey, Nageswaran's first as CEA, projected 6.5 per cent as baseline growth for FY24, within a range of 6-6.8 per cent

Chief Economic Advisor V Anantha Nageswaran on Tuesday said for the upcoming financial year (FY24), downside risks to the real gross domestic product growth rate outweighed the upside potential due to the prevailing global headwinds.

Addressing the media after the release of the October-December FY23 GDP data, Nageswaran said high-frequency indicators showed economic activity was robust enough to achieve 7 per cent GDP growth in the current financial year.

“If you look at downside risks to FY24, they still prevail. Downside risks dominate the upside potential to 6.5 per cent (growth in FY24) because of geopolitical uncertainty. Unknown-unknowns are aplenty