New Delhi [India], June 7 (ANI): The Standing Committee on Finance convened on Friday to discuss the roadmap for India’s economic growth amid global headwinds and economic challenges. Chief Economic Advisor V. Anantha Nageswaran presented key insights during the session.
Bhartruhari Mahtab, Chairman of the Standing Committee, told ANI that the Chief Economic Advisor updated members on the global economic situation’s headwinds and the challenges facing India. The CEA emphasized the need to accelerate reforms. The meeting initially reviewed the MPLADS scheme and the overall economic situation.
“In the second part, we had discussions with the Chief Economic Advisor. He provided valuable inputs on the challenges India is currently facing,” Mahtab said.
When asked about the challenges, he cited increasing the workforce, enhancing women’s participation in urban employment, further developing the education system, and boosting skill development as critical focus areas.
Regarding global headwinds impacting the economy, Mahtab highlighted that India faces significant challenges from China, which is a concern shared by other nations including the US. “There are several issues the CEA has outlined,” he added.
On India’s GDP growth, Mahtab noted that the CEA considers the current 6.5-7 percent growth rate respectable given the global context. “India is progressing steadily while other countries, including developed and emerging economies, are encountering difficulties,” he said.
Responding to a query about India’s Viksit Bharat (Developed India) ambitions, Mahtab said there is a strong aspiration to achieve a higher growth rate. “We are on course and aim to accelerate growth to 7-8 percent. Currently, it is at 6.5 percent,” he said.
He mentioned agriculture as a key sector requiring reforms, acknowledging its vastness, and emphasized the need to boost manufacturing as part of the growth strategy. (ANI)
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