Deregulation Key To Jobs, Income

India must focus on supply chain resilience, avoid overdependence on China, while private sector must invest more in R&D: CEA

- Gulveen Aulakh & Rhik Kundu

Chief economic advisor V. Anantha Nageswaran on Friday said governments reducing regulation and simplifying it would help boost employment, generate income and, in turn, bolster domestic consumption.

In a press briefing following the release of Economic Survey 2025, Nageswaran said India's current growth rate positions the country among the fastest-growing economies in the world. Here's what he said on a variety of points raised in the Survey:

On growth outlook: For FY25, we had presented a growth outlook of 6.5-7%. We are presenting a growth outlook of 6.3-6.8% for FY26. The risk factor is not only due to changes in the global playing field but also the global stock markets, which have also become lately volatile, as we witnessed earlier this week.

On sub-7% growth: India still remains the largest growing economy among large economies in the world. The global export share of GDP has been coming down. So whenever we get the opportunity, to generate higher export growth, as we were able to do so in 2021, and 2022, we should be able to capitalize on that. Another point 0.5% to 1% additional growth can come from agriculture, which will take it to seven and a half or eight. So, in general, these are all the ways in which we can lift this baseline number, which reflects the current uncertainties. And the fact that global economic activity has slowed down in the last one and a half years to two years.

On Viksit Bharat by 2047: