New Delhi, Jan 29 (UNI) Chief Economic Adviser V Anantha Nageswaran on Thursday said India has emerged as an oasis of macroeconomic stability in a turbulent global environment, marked by slowing growth, elevated debt levels and persistent uncertainty across major economies.
Addressing the press conference with presenting the economic survey here, the CEA said the Indian economy is currently achieving a high rate of growth while keeping inflation at moderate and manageable levels, a combination that has become increasingly rare globally.
He noted that this balance reflects the strength of India’s macroeconomic framework, supported by prudent fiscal policy, effective monetary coordination and resilient domestic demand.
Highlighting the outlook, Nageswaran said India is expected to grow in the range of 6.8 per cent to 7.2 per cent in FY27, reaffirming its position as one of the fastest-growing large economies.
He said the growth trajectory remains intact despite external headwinds, underscoring the economy’s ability to absorb global shocks.
However, the CEA cautioned that fiscal indiscipline at the state level is emerging as a concern, warning that sustained revenue deficits and rising committed expenditures by some states could cast a shadow on India’s sovereign borrowing costs.
He stressed that global investors increasingly assess the overall fiscal position of the general government, making state-level discipline critical for maintaining low risk premiums.
On the external sector, Nageswaran emphasised that a strong manufacturing base is a pre-condition for achieving durable currency stability.
While services exports have provided resilience, he said, long-term stability of the rupee requires manufacturing-led export growth and deeper participation in global value chains.
The CEA also highlighted India’s steep decline in data costs compared to other countries, describing it as a key structural advantage.
Low data costs have enabled widespread digital adoption, improved productivity and expanded access to services across sectors such as fintech, education and governance, strengthening the economy’s efficiency and competitiveness.
Summing up, Nageswaran said India’s combination of strong growth, moderate inflation, improving digital infrastructure and the need for disciplined public finances positions the country as a relative safe haven in an uncertain global landscape, even as sustained reforms remain essential to preserve macroeconomic stability.
