New Delhi, Jan 31 (IANS) India’s Chief Economic Advisor V. Anantha Nageswaran said on Friday that the country will have to rely on domestic growth drivers as “the era of globalisation, faster and larger movement of trade and goods and services is behind us”.
Addressing a press conference after the tabling of the Economic Survey in the Parliament, the Chief Economic Adviser (CEA) said that the value of trade affected by new import restrictions was just $170 billion in 2014-2015, but has now risen to over $1.3 trillion as he emphasised that imports, exports, and investment flows are increasingly being seen through the lens of strategic competition.
This shift in global trade dynamics is expected to continue for a prolonged period, presenting a new reality that India will need to navigate carefully, he observed.
Nageswaran mentioned that India is on a steady growth path, while globalisation is slowing down. This change brings both challenges and new opportunities. To keep growing, India must focus on economic reforms and take advantage of its young workforce.
According to Nageswaran, India has to “raise its game” of domestic growth as the global context and contours for growth have changed.
He highlighted three levers of growth for India to realise its aspiration of ‘Viksit Bharat’ by 2047, the most important being deregulation to spur growth, the private sector’s role in nation-building, and energy transition aligned with India’s priorities.
“Deregulation is not only about ease of doing business, it is also a pathway to employment,” the Chief Economic Advisor said.
He also said that bringing more area under irrigation and land pooling and giving farmers the freedom to sell to whoever and at whatever prices can unlock 1 per cent incremental growth in the agriculture sector.
The CEA emphasised India’s growing role as a significant player in global services, highlighting the country’s increasing influence in this sector.
However, he also pointed out that over the past 25-30 years, China has maintained a dominant presence, especially in high-tech and medium-tech industries.
He also underlined the need for public transport to play a bigger role in energy transition and energy demand going forward.
–IANS
sps/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
