Chief Economic Adviser V Anantha Nageswaran stated that macro stability and supply measures can place India on a 7 per cent growth trajectory in FY28.
Notably, pointing out the West Asia conflict that led to a rise in the energy and commodity prices, the Reserve Bank on Friday had lowered its GDP forecast for FY27 to 6.6 per cent. It had been estimated at 6.9 per cent estimated in April.
"We have no reason to second-guess them (RBI forecast) at this point, because there are both possibilities on the upside and on the downside with respect to the numbers that they have presented," he said.
"So, even if the growth were to slip below 7 per cent as the RBI forecast suggests, macro stability measures and supply assurances will bring us back to a 7 per cent plus growth track in FY28 or as soon as external conditions improve," he said.
He further said it is a hope based on the assumption that the pre-February 28 condition is restored before FY28.
"Now, if these conditions continue, then we will revisit the estimate for the next financial year," he added.
Talking about nominal GDP, he said, it is a fair estimate that it will overshoot the 10.1 per cent estimated in the Budget 2027, given the upward momentum of retail inflation.
"The good news is that the nominal GDP growth will be significantly higher than the number that the budget estimates used, which is 10.1 per cent for the current financial year," he said.
With inputs from PTI
