At a time when growth forecasts are being revised downwards in most parts of the world, the Union government seems confident about India’s prospects. The latest monthly report by the Ministry of Finance, for instance, argued that while slowing growth and higher inflation are affecting major economies, growth in India has been robust and inflation is under control. Further, in an interview with this newspaper, Chief Economic Advisor V Anantha Nageswaran noted the government is of the view that India will grow between 7.2 and 7.4 per cent in the current fiscal year. He further added that, on balance, the global slowdown would be good for India as it will lower the energy import bill and also influence monetary policy in advanced economies. While it is reasonable to expect the government to project an optimistic picture, hopefully, it recognises the challenges that the Indian economy will face in the near to medium term.
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First Published: Wed, September 21 2022. 22:14 IST