Chief Economic Advisor Dr Anantha Nageswaran said that the structural reforms of the central government, such as the insolvency and bankruptcy code (IBC) and the goods and services tax (GST) will manifest their advantages and potential in the coming decade, once the current clouds of global political developments and macro monetary policy challenges dissipate.
Nageswaran was speaking at the Iconic Day celebrations of the department of economic affairs under the Azadi Ka Amrit Mahotsav (AKAM), launched by Finance Minister Nirmala Sitharaman. The CEA emphasised that for these reasons, the International Monetary Fund (IMF) expects India to cross the $5 trillion mark by 2026-27, and that if GDP doubles every seven years, the country will have a $20 trillion GDP by 2040, with a per capita income close to $15,000.
Dr Nageswaran stated that India is better positioned than many other countries in facing the current challenges. “We face challenges of managing a sustainably high growth rate, moderate inflation, keeping the fiscal under balance and also ensuring that the external value of the rupee remains stable. The government is prepared to meet the challenges of balancing these core important considerations,” he added.
