India is currently experiencing macroeconomic momentum and is a bright light among peers, according to Shri V. Anantha Nageshwaran, Chief Economic Advisor, who spoke at a Swadeshi Jagaran Manch interaction meeting with corporate and academic leaders on Friday, June 17th in Mumbai.
Participating in “Swadeshi Arth Samwad” (Swadeshi Economic Dialogue) he also listed potential threats and headwinds from global situation and said India has to be on guard.
He highlighted the difficult problems created by uncertainty and risks in forecasting US federal reserve fund rates, noting that the margin of error is less than it appeared in February 2022.
Around thirty-five business and academic leaders from across a vast cross section of sectors – from banking to biotechnology to manufacturing to cite a few - put forth their views and made valuable suggestions for economic progress and shared feedback from their sector. Sri Ashish Chauhan, the CEO of Bombay Stock Exchange shared his appreciation of the frank and detailed discussions done during the session.
The Chief Economic Advisor listed the Central government’s priorities of privatisation and asset monetisation, targeted delivery of welfare, sustainable general government debt, structural and process reforms and strengthening of MSMEs. He said India’s New Economy is marked by new-age tech firms, leveraging of information and communication technology, finetech growth, the opening of new sectors such as Geospatial and drones, and public digital goods such as UPI, C0-Win, and now ONDC.
Swadeshi Jagaran Manch(SJM) National Convener Shri Sundramji drew attention to the share of manufacturing being 15% of the Indian economy since nearly 20 years and the need to increase it significantly for enabling employment.