Chandrababu Naidu rejects Trump's ‘dead economy' claim, says India fastest-growing
Taking another swipe at Trump amid the ongoing tariff row, Naidu said temporary hurdles like increased taxes or duties would not stop India's progress. 'Some people may believe that India's progress can be halted by such measures, but this is nothing more than their imagination,' he said.On reported calls to deny jobs to Indians abroad, Naidu warned that such countries would soon realise they cannot develop without Indian talent.- EndsTune InMust Watch
IN THIS STORY#Andhra Pradesh
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What are bonds and how do they provide stable returns for retail investors? — Everything you need to know
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Synopsis Chief Economic Advisor Nageswaran anticipates US tariff challenges to ease within two quarters, urging private sector engagement to address long-term issues like AI and critical mineral reliance. He attributed FY25's growth slowdown to tight credit and highlighted agriculture's potential to boost GDP. Nageswaran also emphasized the need for diversified import sources and cautious AI adoption to mitigate labor displacement. ANI V. Anantha Nageswaran As per Chief Economic Advisor V Anantha Nageswaran, the impact of US tariffs will disappear in the next one or two said US tariffs-related challenges will dissipate in the next one or two quarters, and urged the private sector to do more as the country navigates through other longer-term challenges. He attributed the growth slowdown in FY25, which saw a deceleration to 6.5% from FY24's 9.2%, to tight credit conditions and liquidity issues. The correct agriculture policies can add 25% to real GDP growth, Nageswaran added. On the US tariffs, Nageswaran said it is the second and third order impacts. The impact will flow once sectors like gems and jewellery, shrimps and textiles have taken the first order brunt,as that will be "more difficult" to tackle. The government is aware of the situation and conversations with the impacted sectors have already begun, Nageswaran said. One will hear from the policymakers in the coming days and weeks but people have to be patient, he added. Talking about the upcoming meet in Alaska between US President Donald Trump and his Russian counterpart Vladmir Putin, he said that the outcome of US officials' visit to India is likely to be impacted. When asked about the details on the trade negotiations between India and the US, the academic-turned-advisor said things are very fluid at the world stage right now with relations swinging from cooperation to stalemate. He spelled out his expectation of the impact of 50% US tariff on Indian exports. 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"Private sector also has a lot of thinking to do, given the massive strategic challenges we face in the coming years... the private sector also has to think about the long-term rather than the next quarter, which is what might have led to many of the challenges we are currently beginning to face," he said in the remarks aimed at India Inc. Stating that the government has allocated money towards the research purposes, he said it is now for the private sector to up their investments in the area. seeking the private sector's help to tackle the challenge, CEA said that the Indian youth is staring at both physical and mental health issues arising from excess screen use, consumption of ultra processed food, etc, which is leading to anxieties and even suicidal thoughts among people. He welcomed the capital expenditure put in by the private sector in FY26 and data to be released in February next year will attest to the same. The consumption story is "quite healthy", the CEA said, pointing to the data on UPI usage. Specifically on urban consumption, he rued that there is no proper data source to capture services consumption, and added that drawing from listed companies' earnings may also not be the right measure as consumption is moving to the unlisted space. The overall resource mobilisation in the economy is not showing any slackening, the CEA said, asking all to look at banks credit growth, commercial paper issuances, and IPO fundraising together. On China, Nageswaran said "we also need to understand the security dimension and look at the USD 100 billion trade deficit beyond just the number". As a solution, there is a need to diversify the sources of imports and the CEA stressed that the private sector will have a role to play there. Without naming China, he said only one country supplies critical minerals, which are essential for semiconductors, artificial intelligence tech, and added that the supply is "critically unstable". "We cannot go from crude oil import dependence to critical minerals and ladders import dependence. Understand that crude oil (sources) at least is more diversified," he said. "Indian policy makers must choose between accepting permanent strategic dependence on adversaries or committing the resources necessary for genuine support to independence," Nageswaran said. Stating that AI will cause labour displacement, Nageswaran pitched for caution in AI adoption and added that "we will have to choose the areas in which we allow AI to be deployed and harnessed, and also the speed with which we do so". There is a need to create at least 80 lakh new jobs per annum in the next 10-12 years, he added. (With inputs from PTI)
