“We have to accept that we need to catch up in terms of education infrastructure when compared to international standards and have to bring research and development to the area. Published: 22nd June 2023 07:05 AM  |   Last Updated: 22nd June 2023 07:05 AM   |  A+A A- Minister Mano Thangaraj gives away awards at the at the Tamil Nadu Higher Education Summit and Awards in Chennai on Wednesday | P RavikumarCHENNAI:  Welfare schemes are the reason behind Tamil Nadu’s good performance on various social development indicators, said Milk and Dairy Development Minister T Mano Thangaraj at the Tamil Nadu Higher Education Summit and Awards organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) and The New Indian Express.“We have to accept that we need to catch up in terms of education infrastructure when compared to international standards and have to bring research and development to the area. Some states only focus on infrastructure development and criticise welfare policies in Tamil Nadu. However, an in-depth study will reveal that welfare schemes is the reason why the state is performing well in several social indicators as it gives opportunities for the underprivileged to come up,” said the minister.Stating that the scholarship scheme for first-generation graduates introduced by former chief minister Kalaingar Karunanidhi helped several students to pursue higher education, he said that the gross enrolment ratio of women has improved to 72% in Tamil Nadu, against the national average of 24.1%, following the introduction of Pudhumai Penn scheme. googletag.cmd.push(function() {googletag.display('div-gpt-ad-8052921-2'); });GSK Velu, Chairman of FICCI Tamil Nadu State Council and CMD of Trivitron Healthcare/Neuberg Diagnostics Group of Companies, who inaugurated the event, said it was the industry’s attempt towards appreciating all those who are helping to build a better tomorrow.Bhupesh Nagarajan, co-chairman of FICCI Tamil Nadu State Council and CMD, Indira Group of Companies, said that the knowledge economy has played a vital role in India marching towards being the third largest economy in the world. “Higher education plays a vital role in pushing India into the world’s top five economies. It provides a skilled workforce that is capable of driving innovation and scientific advancements,” he added.A total of 25 awards were presented at the event that had three plenary sessions.O P E NCommentsDisclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.Latest Cyclone Biparjoy: Gujarat braces for landfall this evening; NDRF teams deployed for rescue ops 6.2 Magnitude Earthquake Strikes Philippines: US Geological Survey UNGA adopts resolution introduced by India to honour fallen peacekeepers Death toll rises to 106 after Nigeria boat disaster India's power shortage for June soars as demand peaks ED grip lands minister Senthil Balaji in hospital The Morning Standard | Dinamani | Kannada Prabha | Samakalika Malayalam | Cinema Express | Indulgexpress | Edex Live | Events Xpress Contact Us | About Us | Privacy Policy | Terms of Use | Home | Nation | World | Cities | Business | Columns | Entertainment | Sport | Magazine | The Sunday Standard Copyright - newindianexpress.com 2023. All rights reserved. Website Designed, Developed & Maintained by Express Network Private Ltd.

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MORE Dr V Anantha NageswaranCHENNAI: Chief Economic Advisor (CEA) Dr V Anantha Nageswaran on Thursday expressed optimism about India’s growth potential. Speaking at a special interactive session organised by FICCI here, he affirmed that India’s real GDP growth for FY23 was a robust 7.2%, with expectations for the final figure to be even higher. “We have had two successive good years, strengthening the recovery from the pandemic-induced contraction,” stated he said, adding, the lower growth figures reported in the third quarter of FY23 due to base effect adjustments, not a loss of economic momentum. Dr Nageswaran also provided an outlook for FY24, projecting a real GDP growth of 6.5%, a figure supported by both the Ministry of Finance and the Reserve Bank of India. “The risks surrounding this number are evenly balanced, suggesting a strong likelihood of achieving this growth target”, he added. “We were the 10th largest economy in 2014, and we expect to become the third largest economy in 2027,” he exuded confidence. Emphasising that this progression requires the nation to continue to “do the right thing,” Dr Nageswaran said India’s contribution to global GDP growth has risen six-fold since the turn of the millennium. Addressing the impact of the pandemic on private consumption, Dr Nageswaran observed that despite setbacks, the trend line for private consumption has caught up to pre-pandemic levels. The CEA also emphasised the economy’s robust expansion, driven by strong growth in industry, services, and construction sectors, while highlighting companies’ confidence in expansion, supported by steel and cement production data, indicating a post-pandemic rebound in line with pre-pandemic trends. He said “There is confidence among the companies and firms and they are looking to expand.” “We do expect that capital expenditure by the Indian private sector will be an important contributor to growth in the coming years,” he added. © Copyright | Powered by Hocalwire

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Unsubscribe to continueThis is a subscriber only feature Subscribe Now to get daily updates on WhatsAppChief Economic Adviser V Anantha Nageswaran Chief Economic Advisor V Anantha Nageswaran expressed optimism about India's growth potential on Thursday during a special interactive session organized by FICCI. "We have had two successive good years, strengthening the recovery from the pandemic-induced contraction," said Nageswaran. He explained the lower growth figures reported in the third quarter of FY23 were due to base effect adjustments, not a loss of economic momentum. Nageswaran also provided an outlook for FY24, projecting real GDP growth of 6.5 per cent, a figure supported by both the Ministry of Finance and the Reserve Bank of India. "The risks surrounding this number are evenly balanced, suggesting a strong likelihood of achieving this growth target," said the Chief Economic Advisor. A pivotal aspect of his talk was India's anticipated rise in the global economy. "We were the 10th largest economy in 2014, and we expect to become the third-largest economy in 2027," he stated. He emphasized that this progression requires the nation to continue to "do the right thing," he added. Nageswaran mentioned that India's contribution to global GDP growth has risen six-fold since the turn of the millennium. He said, "India is set to become the third-largest contributor to global GDP this year." Addressing the impact of the pandemic on private consumption, Nageswaran observed that despite setbacks, the trend line for private consumption has caught up to pre-pandemic levels. Nageswaran highlighted the robustness of the agriculture sector, emphasizing its readiness to handle potential supply disruptions. CEA also emphasized the economy's robust expansion, driven by strong growth in the industry, services, and construction sectors. He highlighted companies' confidence in expansion, supported by steel and cement production data, indicating a post-pandemic rebound in line with pre-pandemic trends, adding "There is confidence among the companies and firms and they are looking to expand." "We do expect that capital expenditure by the Indian private sector will be an important contributor to growth in the coming years," he explained. He acknowledged the concerns about rural consumption but highlighted a turnaround in the fourth quarter that has continued into the current financial year. Rural wages are rising at high single-digit growth rates, supporting rural consumption. Turning to the urban demand side, Nageswaran noted strong growth in passenger vehicle sales and new housing launches. He further underlined the government's commitment to continue to be fiscally responsible while supporting the economic recovery, citing a declining fiscal deficit target from 5.9 per cent to an intended 4.5 per cent by FY26. Nageswaran pointed to the digital transformation of India as a key driver of future growth. He showcased how India's digital infrastructure development through public-private partnerships is providing affordable and sustainable access to digital services for all, surpassing even the world's largest and most developed economies. The CEA recognized that while the government is making strides in improving the country's logistics efficiency, the private sector must also invest in long-term research and development and quality improvement. He also acknowledged the rising impact of India's startup ecosystem that is extending beyond the metropolitan areas, spurring entrepreneurship and generating employment. For the medium term, the CEA stressed on the importance of energy security and the need for a managed transition away from fossil fuels. Furthermore, he stressed on the need for educational reforms to mitigate the impact of the pandemic on years of lost schooling and to harness the potential of India's demographic dividend. Nageswaran concluded the keynote by highlighting the potential of increasing women's participation in the economy as a crucial contributor to India's economic growth. On the occasion, G S K Velu, Chairman, FICCI Tamil Nadu State Council and CMD, Trivitron Healthcare Group of Companies, praised the Indian economy's resilience. "India, with its 7.2 per cent GDP growth for 2022-23, is among the fastest-growing major economies globally, demonstrating significant resilience amid worldwide downturns," said Velu.(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: Jun 16 2023 | 6:59 AM IST View MoreCOVID-19Personal FinanceVirtual RealityEnvironment

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Press Trust of IndiaChennaiThe average capital investment in many sectors is growing at more than 20%, and there are multiple indicators pointing to a momentum in the economy, Chief Economic Advisor (CEA) V. Anantha Nageswaran said on Thursday.Also, he exuded confidence that the finance ministry’s target of narrowing the fiscal deficit to 5.9 in the current financial year and to 4.5% in 2025-26 would be achieved.Addressing FICCI’s special interactive session on ‘Indian economy@100 – Journey to the Amrit Kaal’, the CEA said that last year many sectors saw average capital investment growing at more than 20%t. In fact, in the hotels and hospitality sector, there was an 80% growth in CAPEX in FY 23 over FY 22,he said.‘’The total employment in the hospitality sector which was 4 crore pre-pandemic declined to 2.9 crore during the pandemic years, and now it has increased to 4.5 crore exceeding the pre-pandemic data. The hospitality sector now employs 50 lakh people more than it employed pre-pandemic,’’he said.The construction sector is picking up quite strongly and foreign tourist arrival is now catching up with the pre-pandemic trends. While the growth rate of industry seemed to have slowed temporarily caused by the high oil prices, the growth of the service is quite robust and agriculture growth, as one would expect, is steady between 3-4%, he said.‘’The export of goods and services together is 24% of the Gross Domestic Product (GDP) and imports are slightly on the higher side given that India has a net trade deficit. Our overall trade exposure is more than 50% of the GDP. So, India is not a closed economy. India is an open economy,’’Nageswaran said.On the concerns of El Nino, Nageswaran said the country is ‘’well covered’’ in handling the impact of the monsoon on output and prices. ‘’It’s good to see the Southwest Monsoon being active. By and large, the monsoon does have an important sentiment effect on the economy. But in terms of handling its impact on output and prices, we are well covered,’’ he said. The Southwest Monsoon set in over Kerala on June 8.India’s contribution to the global GDP has increased six-fold since the turn of the millennium. ‘’India is set to become the third-largest contributor to the global GDP this year,’’ Nageswaran said and added that digital transformation of India will also play a crucial role.On inflation, the CEA said it has been moderate and that it would not be a challenge for households and cost of living in 2024. Expressing optimism about India’s growth potential, the CEA said GDP growth for fiscal year 2023 was 7.2% with expectations that the final figure might surpass that. India was the tenth largest economy in 2014 and it is expected that the country would emerge as third largest economy in 2027. (adsbygoogle = window.adsbygoogle || []).push({});

Written By: ANI| Published on: Jun 16, 2023ANI Photo | Private sector capital expenditure will be an important contributor to growth: Chief Economic Advisor Nageswaran Chief Economic Advisor V Anantha Nageswaran expressed optimism about India’s growth potential on Thursday during a special interactive session organized by FICCI.“We have had two successive good years, strengthening the recovery from the pandemic-induced contraction,” said Nageswaran.He explained the lower growth figures reported in the third quarter of FY23 were due to base effect adjustments, not a loss of economic momentum.Nageswaran also provided an outlook for FY24, projecting real GDP growth of 6.5 per cent, a figure supported by both the Ministry of Finance and the Reserve Bank of India.“The risks surrounding this number are evenly balanced, suggesting a strong likelihood of achieving this growth target,” said the Chief Economic Advisor.A pivotal aspect of his talk was India’s anticipated rise in the global economy. “We were the 10th largest economy in 2014, and we expect to become the third-largest economy in 2027,” he stated. He emphasized that this progression requires the nation to continue to “do the right thing,” he added.Nageswaran mentioned that India’s contribution to global GDP growth has risen six-fold since the turn of the millennium. He said, “India is set to become the third-largest contributor to global GDP this year.”Addressing the impact of the pandemic on private consumption, Nageswaran observed that despite setbacks, the trend line for private consumption has caught up to pre-pandemic levels.Nageswaran highlighted the robustness of the agriculture sector, emphasizing its readiness to handle potential supply disruptions. CEA also emphasized the economy’s robust expansion, driven by strong growth in the industry, services, and construction sectors.He highlighted companies’ confidence in expansion, supported by steel and cement production data, indicating a post-pandemic rebound in line with pre-pandemic trends, adding “There is confidence among the companies and firms and they are looking to expand.”“We do expect that capital expenditure by the Indian private sector will be an important contributor to growth in the coming years,” he explained.He acknowledged the concerns about rural consumption but highlighted a turnaround in the fourth quarter that has continued into the current financial year. Rural wages are rising at high single-digit growth rates, supporting rural consumption. Turning to the urban demand side, Nageswaran noted strong growth in passenger vehicle sales and new housing launches.He further underlined the government’s commitment to continue to be fiscally responsible while supporting the economic recovery, citing a declining fiscal deficit target from 5.9 per cent to an intended 4.5 per cent by FY26.Nageswaran pointed to the digital transformation of India as a key driver of future growth. He showcased how India’s digital infrastructure development through public-private partnerships is providing affordable and sustainable access to digital services for all, surpassing even the world’s largest and most developed economies.The CEA recognized that while the government is making strides in improving the country’s logistics efficiency, the private sector must also invest in long-term research and development and quality improvement.He also acknowledged the rising impact of India’s startup ecosystem that is extending beyond the metropolitan areas, spurring entrepreneurship and generating employment.For the medium term, the CEA stressed on the importance of energy security and the need for a managed transition away from fossil fuels. Furthermore, he stressed on the need for educational reforms to mitigate the impact of the pandemic on years of lost schooling and to harness the potential of India’s demographic dividend.Nageswaran concluded the keynote by highlighting the potential of increasing women’s participation in the economy as a crucial contributor to India’s economic growth.On the occasion, G S K Velu, Chairman, FICCI Tamil Nadu State Council and CMD, Trivitron Healthcare Group of Companies, praised the Indian economy’s resilience.“India, with its 7.2 per cent GDP growth for 2022-23, is among the fastest-growing major economies globally, demonstrating significant resilience amid worldwide downturns,” said Velu. This report is filed by ANI news service.(function(){window.mc4wp=window.mc4wp||{listeners:[],forms:{on:function(evt,cb){window.mc4wp.listeners.push({event:evt,callback:cb})}}}})()Subscribe to our Newsletter mc4wp.forms.on('subscribed',function(form){window.dataLayer=window.dataLayer||[];window.dataLayer.push({'event':'Sign-up','name':form.name+' ID: '+form.id})}) Leave this field empty if you're human: Subscribe to our Newsletter mc4wp.forms.on('subscribed',function(form){window.dataLayer=window.dataLayer||[];window.dataLayer.push({'event':'Sign-up','name':form.name+' ID: '+form.id})}) Home » Northeast India » Assam » Private sector capital expenditure will be an important contributor to growth: Chief Economic Advisor Nageswaran-ANI is a leading multimedia news agency.
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Chennai (Tamil Nadu) [India], June 16 (ANI): Chief Economic Advisor V Anantha Nageswaran expressed optimism about India's growth potential on Thursday during a special interactive session organized by FICCI."We have had two successive good years, strengthening the recovery from the pandemic-induced contraction," said Nageswaran.Also Read | Climate Change: UN’s Guterres Lambasts Fossil Fuel Firms.He explained the lower growth figures reported in the third quarter of FY23 were due to base effect adjustments, not a loss of economic momentum.Nageswaran also provided an outlook for FY24, projecting real GDP growth of 6.5 per cent, a figure supported by both the Ministry of Finance and the Reserve Bank of India.Also Read | OTT Releases Of The Week: Chris Hemsworth’s Extraction 2 in Netflix, Maneish Paul’s Rafuchakkar on Jio Cinema, Tamannaah Bhatia’s Jee Karda on Amazon Prime & More."The risks surrounding this number are evenly balanced, suggesting a strong likelihood of achieving this growth target," said the Chief Economic Advisor.A pivotal aspect of his talk was India's anticipated rise in the global economy. "We were the 10th largest economy in 2014, and we expect to become the third-largest economy in 2027," he stated. He emphasized that this progression requires the nation to continue to "do the right thing," he added.Nageswaran mentioned that India's contribution to global GDP growth has risen six-fold since the turn of the millennium. He said, "India is set to become the third-largest contributor to global GDP this year."Addressing the impact of the pandemic on private consumption, Nageswaran observed that despite setbacks, the trend line for private consumption has caught up to pre-pandemic levels.Nageswaran highlighted the robustness of the agriculture sector, emphasizing its readiness to handle potential supply disruptions. CEA also emphasized the economy's robust expansion, driven by strong growth in the industry, services, and construction sectors.He highlighted companies' confidence in expansion, supported by steel and cement production data, indicating a post-pandemic rebound in line with pre-pandemic trends, adding "There is confidence among the companies and firms and they are looking to expand.""We do expect that capital expenditure by the Indian private sector will be an important contributor to growth in the coming years," he explained.He acknowledged the concerns about rural consumption but highlighted a turnaround in the fourth quarter that has continued into the current financial year. Rural wages are rising at high single-digit growth rates, supporting rural consumption. Turning to the urban demand side, Nageswaran noted strong growth in passenger vehicle sales and new housing launches.He further underlined the government's commitment to continue to be fiscally responsible while supporting the economic recovery, citing a declining fiscal deficit target from 5.9 per cent to an intended 4.5 per cent by FY26.Nageswaran pointed to the digital transformation of India as a key driver of future growth. He showcased how India's digital infrastructure development through public-private partnerships is providing affordable and sustainable access to digital services for all, surpassing even the world's largest and most developed economies.The CEA recognized that while the government is making strides in improving the country's logistics efficiency, the private sector must also invest in long-term research and development and quality improvement.He also acknowledged the rising impact of India's startup ecosystem that is extending beyond the metropolitan areas, spurring entrepreneurship and generating employment.For the medium term, the CEA stressed on the importance of energy security and the need for a managed transition away from fossil fuels. Furthermore, he stressed on the need for educational reforms to mitigate the impact of the pandemic on years of lost schooling and to harness the potential of India's demographic dividend.Nageswaran concluded the keynote by highlighting the potential of increasing women's participation in the economy as a crucial contributor to India's economic growth.On the occasion, G S K Velu, Chairman, FICCI Tamil Nadu State Council and CMD, Trivitron Healthcare Group of Companies, praised the Indian economy's resilience."India, with its 7.2 per cent GDP growth for 2022-23, is among the fastest-growing major economies globally, demonstrating significant resilience amid worldwide downturns," said Velu. (ANI)(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)Copyright © Latestly.com All Rights Reserved.

The chief economic adviser made these remarks in response to criticism from the Congress party regarding the increase in debt under the Narendra Modi government since 2014.Chief economic advisor V. Anantha Nageswaran. Photo: PIBNew Delhi: The Chief Economic Adviser (CEA) to Government of India, V. Anantha Nageswaran, on Friday, June 16, defended the rise in India’s debt, saying it is in line with the country’s economic growth.Nageswaran made these remarks in response to criticism from the Congress party regarding the increase in debt under the Narendra Modi government since 2014.Congress party spokesperson, Gourav Vallabh, has criticised the government, claiming that the debt per Indian has increased significantly since 2014, from Rs 43,124 to Rs 1,09,373.Vallabh raised concerns about the unequal distribution of wealth, citing a K-shaped recovery in which 50% of the population owns only 3% of the country’s total wealth and pays 64% of the goods and services tax collected.In contrast, Nageswaran emphasised that it is important to consider the debt figures relative to the size of the economy rather than solely focusing on absolute numbers.“Government’s borrowings go up as the economy grows,” he said at the Federation of Indian Chambers of Commerce and Industry in New Delhi.He pointed out that between 2004 and 2014, government debt increased ninefold, whereas between 2014 and 2023, it increased threefold.Additionally, he highlighted that India’s debt as a percentage of GDP only rose by 3 percentage points over a 17-year period, from 81% in 2005 to 84% in 2021-22. Comparatively, the debt of many other countries increased by 20-30 times during the same period, the Hindu BusinessLine reported him as saying.Nageswaran further justified the sustainability of India’s debt by explaining that the country’s nominal GDP growth is around 11-12%, while the government’s cost of borrowing is only 7%. According to him, this indicates that the debt burden is manageable and has not grown disproportionately.The differing viewpoints on India’s rising debt highlight the complex economic challenges facing the country. While the CEA argues that the debt is in line with economic growth and remains sustainable, the opposition party raises concerns about wealth inequality and the impact of the borrowed funds on the broader population.

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