Finance Minister Nirmala Sitharaman presented the Economic Survey in Parliament yesterday. A good picture of the economy has been presented in the Economic Survey. Despite global uncertainty, the fast pace of growth is expected to continue in the future. Also, the need for both foreign investment and indigenous investment has been emphasized. After the release of the Economic Survey, Chief Economic Advisor V Ananth Nageswaran, in a conversation with CNBC-Awaaz, expressed his opinion on issues like how growth will get a boost, what will be the timeline for the global challenge to stop and what new needs to be done in Swadeshi.
How long will there be a global challenge to growth?
Ananth Nageswaran said that there is no answer to how long the global challenge will continue. There is no timeline on the Global Challenge. No one can tell when the Global Challenge will end. The global challenge depends on world leaders.
When is there a possibility of normal global world order?
There is no waiting for normal global world order. Can’t wait for any normalcy. Decisions will have to be taken according to the global situation. Something similar was seen at the Davos Economic Forum. The policy will have to be kept according to the circumstances.
What new needs to be done on Swadeshi?
Swadeshi is like a philosophy now. Swadeshi will have to be done as an action now. The world order has changed a lot. We have to move towards Swadeshi. A framework will have to be prepared for the indigenous strategy.
How much will Indian manufacturers benefit from FTA?
FTA (Free Trade Agreement) has made Indian access to advanced countries easier. There will have to be a little more focus on quality. The mantra of low price, high quality will be more effective. Manufacturers will get convenience by maintaining price and quality.
Why such a rise in gold-silver prices?
The impact of uncertainty in the economic and political environment is being seen on gold and silver. Geopolitics and currency war are big factors. Concerns over dollar and yen have also increased the trend towards gold and silver. Gold and silver are a type of real asset. Due to fear, investment in gold and silver has increased.
What is the strategy on rupee?
There is no need to intervene now due to the weakness of the rupee. There is a strategy to keep the rupee on market force. The currency has weakened due to global capital outflow. Due to high global interest, global capital outflow has been seen. Right now capital inflow in India is weak. The currency has also been affected due to weak capital flow. Currencies in capital importing countries weaken. There is no need for intervention right now to strengthen the rupee.