AIMA 2022: CEA V Anantha Nageswaran talks about building for a better economy

AIMA Conclave 2022: India has macroeconomic stability even as the country faces headwinds due to the war in Europe and rising interest rates by the U.S. Federal Reserve, said V Anantha Nageswaran, Chief Economic Adviser, Ministry of Finance as he spoke at All India Management Association’s (AIMA) 7th National Leadership Conclave.

V Anantha Nageswaran mentioned that during the pandemic the government has undertaken immediate and urgent responses along with keeping the long-term vision in mind.

“Because of the pandemic and the shock it had on income, economic growth, and employment, somebody had to run with the baton of keeping the economy growing and that is why the government took it upon itself to undertake capital expenditure, further boost physical infrastructure, and build a digital architecture which also facilitated financial inclusion. These activities were done even as the government worked on the side to minimize the devastating impact of the pandemic on the vulnerable sections of the society,” CEA said.
Speaking at the AIMA conclave 2022, he mentioned that there has been a steady flow of support, especially to the vulnerable sections of the economy through the Prime Minister’s Garib Kalyan Yojana. Nageswaran went on to speak about the Emergency Credit Line Guarantee scheme that helped the micro, small and medium enterprises (MSMEs) and cash transfer support to the farmers.

Along with the income tax cut and the capital spending plans the government also launched Production Linked Incentive (PLI) schemes which are aimed at creating global capacity on Indian soil to cater to both, the domestic demand and to take advantage of global markets.