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Chief Economic Advisor V Anantha Nageswaran: V. Anantha Nageswaran, Chief Economic Advisor of the Union Ministry of Finance, says that to strengthen the Indian economy, the private sector needs to increase investment. He said that it would probably not be right for the government to continue investing at the same pace as in the last decade. The combined investment of the Center and the rest of the states and public sector undertakings has increased 3.5 times in the last 10 years to Rs 21.2 lakh crore, which was earlier Rs 6.8 lakh crore.
What did the Chief Economic Advisor say
Nageswaran told the Confederation of Indian Industry (CCI) conference that in 10 years, when financial sector companies and banks were engaged in cleaning their books, at the same time government companies took the lead. Also maintained economic growth during the second decade of this century. This situation has continued in the current decade. Nageswaran said that it needs to be decided whether to continue increasing the investment of state-run companies at the same pace or to allow the private sector to act as the ‘primary engine of capital formation’ in the economy.
bank ready to lend
Ananth Nageswaran said that in today’s time the balance sheet and profit of the corporate is strong. The books of accounts of banks and financial institutions have been rectified. With this they are ready to give loan. That is why it would probably not be better for government companies to continue investing at the same pace as has been done so far.
Growth rate will be 7 percent
Earlier, the Chief Economic Advisor had said that the Indian economy is on track to achieve 6.8 to 7 per cent economic growth in 2022-23. Despite the global crisis, the economy has benefited immensely from strong sales, PMI, rising credit demand, and excellent auto sales in the festive season. The same International Monetary Fund has projected the Indian economy to grow at the rate of 6.8 percent in the current financial year. While RBI has estimated 7 percent GDP.
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