Chief Economic Adviser V. Anantha Nageswaran on Tuesday underscored the necessity for India to view the disaster in world financial system as a possibility to introduce extra reforms, particularly land and labour.
India’s macroeconomic image could also be certainly one of easy crusing regardless of turbulent world waters. Yet the “ongoing or brewing crisis” in world financial system presents a possibility to advance the reason for reforms in issue markets like land, labour and even intangible issue of manufacturing like data, he instructed a Data User’s Conference the NSO, Union Ministry of Statistics and Programme Implementation organised on the Indian School of Business right here on Tuesday.
Countries use crises as alternatives to surge forward in prosperity and requirements of dwelling, Mr.Nageswaran mentioned, searching for to spotlight the expansion alternatives rising amid the China +1 manufacturing technique of world companies.
“Right now, India’s macro numbers paint a very promising picture. As per the Second Advanced estimates published by the National Statistics Office, the GDP real and nominal growth rates have been pegged at 6.5% and 9.9% respectively in 2024-25. This is the highest amount the major economies of the world,” he mentioned. The convention was on the outcomes of Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2023-24 and the Forward-Looking Survey on Private Sector Capital Expenditure (CAPEX) Investment Intentions.
Noting granular knowledge is essential for constructing conviction for coverage reform, Mr. Nageswaran mentioned the findings of the 2 surveys present insights into the state of the well being of the non-public sector. Much stays to be completed from that perspective, he mentioned, including how “firms don’t seem to be keen on opportunistic effects, which this survey defines as investment on new business activities expected to have more profitability or scope in the future.” An indication of that is meagre share of analysis and growth within the provisional capex per enterprise. Large enterprises should pursue a medium to long run considering past brief time period profitability, he mentioned.
Secretary to MoSPI Saurabh Garg highlighted enhancements in knowledge dissemination by means of an upgraded portal that includes API entry, interactive visualisations and strategic collaborations with educational and world companions.
The convention was aimed to foster constructive dialogue between knowledge producers and knowledge customers, facilitating data trade and showcasing India’s rigorous knowledge assortment as a basis for transformative coverage reforms, the organisers mentioned in a launch.
ISB Dean Madan Pillutla mentioned in an period of superior analytics, integrity of information is vital for constructing sturdy predictive fashions and deriving actionable insights.
Published – May 27, 2025 10:05 pm IST
