India to grow at over 7% in FY23, says CEA

The Indian economy will grow at over 7 per cent, said Chief economic advisor V Anantha Nageswaran on Tuesday, down from above 8 per cent of the growth rate projected in January, as per PTI.

Nageswaran said India is well-poised to sustain the 7 per cent growth per year during the remainder of the decade as well.

"India's own growth rates have come off the projections made in January down to about 7-plus per cent for the current financial year," Nageswaran said speaking at Global Fintech Fest event in Mumbai. He, however, said that the economic momentum and the animal spirits are "unmistakable".


Nageswaran earlier in September had said that while international agencies are showing India's trend growth at 6 per cent, he thinks the country's trend growth rate will easily be 7 per cent per annum for the remainder of this decade and beyond.

"I am taking 6 per cent as a very easily attainable growth rate and I am adding 0.5 per cent from the capex boom and another 0.5 per cent come from the fact that digital public infrastructure which we have created," he said.

According to
The government in its monthly economic review for the month of August said that a sharp rebound in consumer spending and rising employment will sustain economic growth in India in the months ahead. It said an increase in private consumption and higher capacity utilisation rates had helped private-sector capital expenditure reach one of its highest levels in the last decade.

Nageswaran said the world is still undergoing the aftereffects of Covid pandemic and the ongoing war in Europe triggered by Russia's invasion of Ukraine, suggesting that these factors are hurting growth.

(With agency inputs)