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From the lingering impact of a once-in-a-century pandemic to multiple geopolitical conflicts and now a full-blown global trade war, the last half-decade has been among the most disruptive periods in the history of the world economy. As the Chief Economic Advisor (CEA) to the government, V Anantha Nageswaran has had his work cut out in helping guide the economy through these turbulent times.
Appointed as the government’s top economist less than a month before Russia invaded Ukraine in February 2022 and given a two-year extension earlier this year, Nageswaran will be the guest at the Express Adda in Mumbai on Wednesday. He will be in conversation with P Vaidyanathan Iyer, Managing Editor, The Indian Express.
During Nageswaran’s time as the CEA, the Indian economy has not only charted a recovery from the difficult pandemic years of 2020-2021, but gone on to record high growth rates, with the 7.8 per cent expansion of the Gross Domestic Product (GDP) during the first quarter of the current fiscal consolidating India’s position as the world’s fastest growing large economy. Headline retail inflation has also fallen to the lowest in eight years.
Noting the performance of the Indian economy, S&P Global Ratings upgraded its sovereign credit rating on India to ‘BBB’ last month, 18 years after the last such move by the global ratings giant. However, the country is not out of the woods, with the US administration’s cumulative 50 per cent tariff on Indian goods – which came into effect from August 27 – leading to concerns about the impact on key labour-intensive sectors such as textiles. The immediate impact of the tariff on Indian exports may be limited, but the secondary and tertiary effects on the economy pose challenges that must be addressed.
Recently, Nageswaran also highlighted the need for India to significantly step up efforts in crucial areas such as artificial intelligence (AI) and semiconductor manufacturing to compete with the US and China. While stating that trade-related issues are important, he pointed out the importance of focusing on these critical challenges.
In the Economic Survey for 2024-25, tabled in Parliament on January 31, Nageswaran had highlighted the importance of deregulation, noting its significance for India as it looks to further industrialise. At the same time, he had called for a “tripartite compact” between the government, the private sector, and academia to ensure the gains from AI-driven productivity gains are widely distributed. Inclusive growth, both from the perspective of labour and energy transition, have also been his key areas of focus.
Prior to his appointment as the CEA, Nageswaran also served as a part-time member of the Economic Advisory Council to the Prime Minister for two years starting October 2019. Earlier, he worked with leading investment banks, including UBS and Julius Baer, and also taught in India and Singapore.
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The Express Adda is a series of informal interactions organised by The Indian Express Group and features those at the centre of change. Previous guests at the Adda include Finance Minister Nirmala Sitharaman, External Affairs Minister S Jaishankar, Nobel Laureate Amartya Sen, His Holiness the Dalai Lama, philanthropist Bill Gates, Delhi Chief Minister Rekha Gupta, and actor Kal Penn.
English (US) ·