Chief Economic Advisor (CEA) Dr. V. Ananth Nageswaran has said that agriculture is the sector of the future, as there is enough scope to raise the contribution of agriculture by 0.75 percent to one percent in terms of GDP growth. Briefing the media in New Delhi after the tabling of the Economic Survey in Parliament, Mr. Nageswaran said the area under micro-irrigation has increased threefold. He said, that in terms of infrastructure, India has done well with new airports, trains, and reduced turnaround times at ports.
The CEA said there has also been an expansion in telecom and power sector capacity. He mentioned that the value of trade affected by new import restrictions has surged from 170 billion dollars in 2014-2015 to over 1.3 trillion dollars today, highlighting a shift towards strategic competition in global trade. Mr. Nageswaran said market forces can enhance education quality while expanding irrigation and land pooling could unlock one percent growth in agriculture. He said public transport must also play a key role in the energy transition.
Mr. Nageswaran stated that India has also risen as a power in global services. He termed globalisation a thing of the past as nations recalibrate toward domestic priorities. He criticised the lack of commitment that developed countries exhibit in helping developing countries meet climate goals. The Chief Economic Advisor, Anantha Nageswaran, spoke about how Indian corporations are compensating their workers and employees and called for a more equitable distribution of incomes. He said that achieving the status of a developed economy by 2047 will require a socially responsible private sector.