Indian potential GDP growth is estimated to stand at 6.5-7% – and CEA, V. Anantha Nageswaran was talking about the range at IVCA’s GreenReturns Summit on December 2, 2024. The said statistic has been made with a backup of what the country has managed to achieve in the last decade. According to the Economic Survey for 2024-25, growth in India’s GDP has been projected between 6.5% and 7%, lower than the robust 8.2% growth the country experienced in the last financial year.
According to Nageswaran, growth potential in India is actually in the country’s new infrastructure and financial inclusion programs that it has launched recently. The developments have anchored a robust platform for continued growth and enabled the country to continue along the development trajectory despite a challenging dynamic world economy.
At the summit, the CEA also emphasized strategic investments in the face of emerging challenges, especially in the renewable energy sector. He warned that investments should not be solely in the setting up of solar and wind power plants. While these renewable sources are integral to India’s energy transition, the growing costs associated with recycling solar panel and wind turbine waste present a significant concern. Investment in technologies and grid capabilities that can manage the intermittency of renewable energy supplies is what Nageswaran stresses.
This is what will make India’s energy infrastructure reliable and sustainable. He also recognized the broader environmental challenges that India is facing. It has a long time of 45 years to meet the commitment it made to reach net-zero carbon emissions by 2070, balancing robust economic growth with environmental sustainability. In urging all stakeholders to cooperate in addressing the challenge, he called for alignment of economic development with the long-term climate goals of the nation.
Nageswaran’s comments highlighted the growth prospects for India in the near future, with continued infrastructure development, strategic investments in renewable energy, and a collective effort to address environmental sustainability challenges. The government is committed to creating an environment that supports sustainable growth while working towards the country’s ambitious climate targets.
