Animal spirit back in economy, private investment picking up: CEA
- IBEF
- February 7, 2024
Chief Economic Adviser (CEA), Mr. V Anantha Nageswaran, remarked that the "animal spirit" has returned to the Indian economy, evident in a substantial rise in private sector investments, contributing to the country's 7% economic growth. Nageswaran, citing data from the Reserve Bank of India, noted increased capital spending and new project announcements by listed private sector companies. Union Minister for Finance and Corporate Affairs, Ms. Nirmala Sitharaman, echoed this sentiment in the interim Budget, highlighting the resurgence of private investment and its positive impact on the government's borrowing, which, in turn, enhances credit availability for the private sector. The revitalized economy has witnessed a surge in private investment, particularly in the steel, cement, and petroleum sectors. Mr. Nageswaran emphasized that the corporate and banking sectors can undertake more risk, contingent on India's real GDP achieving a 7% growth in FY25.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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