India sustains 7-7.5% growth; Bengal should go maritime: EAC's Sanyal

Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister, on Wednesday said that India has managed to sustain growth of 7-7.5 per cent while maintaining macroeconomic stability despite global uncertainties, while asserting that sequential growth with stability is key to achieving the goal of a "Vikshit Bharat".

Sanyal also said that West Bengal should reposition itself as a maritime state and consider setting up a large port.

Addressing a special session on 'India's Growth Story Navigating Global Challenges' organised by the Merchants' Chamber of Commerce & Industry (MCCI), Sanyal said it was a cliche to describe the present as uniquely uncertain, noting that the world had navigated crises such as the global financial meltdown and COVID-19 earlier as well.

 

He said India's macroeconomic parameters remain "in good shape", citing lower inflation, fiscal balance and a relatively contained debt-to-GDP ratio. The government, he added, adopted a conservative fiscal approach even at the peak of the pandemic, which has helped preserve stability.

"The most important aspect is that we have been sustaining growth sequentially with stability. Sustaining growth with stability will show us the path towards Vikshit Bharat," he said.

Sanyal underlined that demand management, while important for stability, is not a source of long-term growth. Instead, growth is generated by removing systemic inefficiencies.

He cited reforms such as the Insolvency and Bankruptcy Code (IBC), which has helped clean up bad assets in the financial system, as well as improvements in airport infrastructure, as examples of incremental efficiency gains that cumulatively strengthen the economy.

Referring to regional disparities, Sanyal said the real economic divide in India is between the western and eastern parts of the country, with eastern states lagging behind their western counterparts. Rapid economic expansion, he observed, is typically driven by strong urban concentration.

"In the south, growth centres include Bengaluru, Hyderabad and Chennai; in the west, Mumbai, Pune and Ahmedabad; and in the north, Delhi-NCR. In eastern India, Kolkata is the single largest economic hub, while cities like Bhubaneswar and Ranchi are a fraction of its scale," he said, adding that Kolkata has underperformed relative to its potential.

He stressed that West Bengal should reposition itself as a maritime state and consider setting up a large port along its coastline to unlock economic opportunities.

Earlier in the day, speaking as the chief guest at the 15th National Shipping and Logistics Conclave 2026 organised by the National Shipping & Logistics Committee of Bengal Chamber of Commerce and Industry (BCC&I), Sanyal highlighted the strategic importance of maritime infrastructure in India's long-term growth trajectory.

In his keynote address on "India's Maritime Vision 2030 and Amrit Kaal 2047: Transforming Ports, Shipping and Logistics," he emphasised the need to promote shipbuilding, port-led industrialisation and multimodal logistics integration across road, rail, ports and air cargo networks to enhance global competitiveness.

A special recognition was accorded at the conclave to INSV Kaundinya, a vessel symbolising India's ancient seafaring traditions and historic trade linkages across the Indian Ocean.

The revival and commissioning of the vessel, organisers said, reflects a broader effort to align India's maritime heritage with modern infrastructure expansion.