INSUBCONTINENT EXCLUSIVE:
Regarding artificial intelligence (AI), Nageswaran said that it might end up displacing labour
(Photo: PTI)3 min read Last Updated : Sep 27 2024 | 2:33 PM IST
Chief Economic Advisor (CEA) to the Union government, V Anantha
Nageswaran, on Friday said that the Indian economy is expected to grow at a rate of 6.5-7 per cent in the current financial year on a steady
state basis.
He said the growth rate is commendable given the current global scenario.Click here to connect with us on WhatsApp
Speaking
virtually at an event organised by the Bengal Chamber of Commerce and Industry (BCCI), Nageswaran said that while the economy will grow at
to remain the fastest growing in the current financial year with a growth rate of 6.5-7 per cent on a steady state basis
This is a very good achievement in the current global context," Nageswaran said.
He said that while the world is facing medium-term
uncertainties with global trade slowing to a crawl, post-COVID recovery in India is now cemented due to calibrated fiscal and monetary
policies pursued by the government.
"Post-COVID recovery in India is cemented due to prudent macro-economic management which laid the
foundation of economic growth with stability," he said.
Nageswaran said that there is no vulnerability in the current account balance of
the country with domestic financial markets and the banking system in good health.
"The macro indicators signal stability
There has been a massive shift in capital expenditure, declining external debt to GDP ratio and lower retail inflation," Nageswaran
said.
He said all of these warrant a credit system upgrade of the country, adding that the supply side capability of the economy has been
boosted which also helped in keeping inflation on the leash.
"All these will help maintain a steady growth rate over the next several
And India needs to find domestic sources of growth," the CEA said.
The country needs to generate productive employment, ensure food
security, ease regulatory bottlenecks for the MSMEs and ensure efficient financial resource allocation, he said.
Nageswaran said the MSME
sector is the key to non-farm job creation and small and medium firms need to graduate into large enterprises to absorb more labour.
He
said there is also a need for greater participation of women in the workforce for which safety and security in workplaces have to be
ensured.
Regarding artificial intelligence (AI), Nageswaran said that it might end up displacing labour.
"An appropriate balance has to
be struck between technology and labour keeping the social responsibilities in mind," he added.(Only the headline and picture of this report
may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published:
