V. Anantha Nageswaran spoke of achievements and challenges facing India’s economy at Bharat Chamber of Commerce's 125th anniversary celebration.
Sanchita Chatterjee, BS News Agency, Kolkata: Dr V. Anantha Nageswaran, Chief Economic Advisor to the Union Government, gave a concise assessment of the Indian economy today at the Bharat Chamber of Commerce’s curtain-raiser for its 125th Anniversary Celebrations themed “India: The Making of a Miracle” today.
Dr Nageswaran said, the broad macro outlook is positive but urged prudence in public investment. He cautioned against over-investment and said the Government spending should be guided by capacity considerations. He noted that the recent direct tax relief and GST reforms have helped boost purchasing power and highlighted a strong recovery in credit to MSMEs — growing at about 18% per annum. He also credited digital payments (UPI) with supporting remarkable growth in the hospitality sector and described the narrative of weak urban consumption as a “myth” driven by selective data.
On external issues, Dr Nageswaran expressed confidence that the current US punitive tariffs would be resolved within a few months. He remarked, the currency forecasting beyond the short term is uncertain, but expected the USD–INR relationship to improve with the rupee unlikely to weaken materially. The CEA went on to speak of the need of geo-diversification of markets to avoid such roadblocks in future. He emphasised that large industries are not currently credit-hungry and that fiscal policy should be calibrated accordingly.
Dr Nageswaran also flagged regulatory costs as a drag on honest business. He explained how some statistics over-count regulations (the same rule recorded separately for each state) and announced that he has constituted a team of economists to review regulatory bottlenecks and recommend simplifications.
Shri Naresh Pachisia, President, Bharat Chamber of Commerce, reiterated the Chamber’s alignment with the Make in India agenda and posed strategic questions on translating India’s demographic dividend and digital advancement into sustainable growth and on achieving the objective of Viksit Bharat 2047. Dr M. G. Khaitan, Chair of the 125th Anniversary Celebrations, introduced the theme and underlined India’s recent achievements — from organising large public events to nurturing a vibrant start-up ecosystem with over 120,000 start-ups and 120+ unicorns. He stressed on the importance of reducing compliance burdens on MSMEs and the need to ease costly filings, and pointed to the Rs. 1 lakh crore Anusandhan Research Fund as a key step to boost innovation.
Established in 1900, the Bharat Chamber of Commerce is one of the country’s oldest industry bodies, serving as a platform for dialogue between business and government. Over the decades, it has championed trade, industry, and economic reforms, while fostering entrepreneurship and innovation. As it marks its 125th year, the Chamber continues to play a pivotal role in shaping policy discourse and supporting India’s growth journey.