CHENNAI: Reiterating what the Economic survey indicated previous this yr, leader financial consultant V Anantha Nageswaran stated on Thursday that inflation is anticipated to drop.
“Given that food prices and international commodity prices are coming down, the RBI expects inflation rate to fall below 6% and head towards 4% by the end of the next financial year (FY24). Trade deficit has also shrunk in the last several months,” he added. The CEA was speaking during the the launch of 2nd G20 Framework Working Group (FWG) of the finance track to be held in Chennai on Friday and Saturday.
Nageswaran also said that various private organizations and economists now expect the current account deficit (CAD) to be in the range of 22.4% of GDP in FY23 and further go down to 2% in the next fiscal. “With global crude oil prices also coming down, the external situation for the country is quite stable,” he said.
The macroeconomic impact of global food and energy insecurity, the economic cost of climate change, and the ways to transition to renewable energy are some of the key issues that will be discussed in Chennai at the 2nd FWG. Jointly cochaired by Nageswaran and Clare Lombardelli, CEA, UK Treasury, the meeting will host over 80 delegates from G20 member countries, and other global and regional organisations.
We will focus on sharing country experiences on these issues and discuss how these discussions can be useful to the G20 finance ministers and central bank governors who are set to meet in Washington DC in April,” Nageswaran stated. Another spotlight of the consultation will likely be a panel dialogue on ‘macroeconomic affects of local weather alternate and transition pathways’ to be hung on Saturday in collaboration with the UAE, which will likely be conserving the COP28 Presidency, he added.
Nageswaran later additionally engaged with scholars and school of IITMadras on Thursday at the matter of ‘Reflections on India and the sector with particular center of attention on India’s 2023 G20 presidency’.
“Given that food prices and international commodity prices are coming down, the RBI expects inflation rate to fall below 6% and head towards 4% by the end of the next financial year (FY24). Trade deficit has also shrunk in the last several months,” he added. The CEA was speaking during the the launch of 2nd G20 Framework Working Group (FWG) of the finance track to be held in Chennai on Friday and Saturday.
Nageswaran also said that various private organizations and economists now expect the current account deficit (CAD) to be in the range of 22.4% of GDP in FY23 and further go down to 2% in the next fiscal. “With global crude oil prices also coming down, the external situation for the country is quite stable,” he said.
The macroeconomic impact of global food and energy insecurity, the economic cost of climate change, and the ways to transition to renewable energy are some of the key issues that will be discussed in Chennai at the 2nd FWG. Jointly cochaired by Nageswaran and Clare Lombardelli, CEA, UK Treasury, the meeting will host over 80 delegates from G20 member countries, and other global and regional organisations.
We will focus on sharing country experiences on these issues and discuss how these discussions can be useful to the G20 finance ministers and central bank governors who are set to meet in Washington DC in April,” Nageswaran stated. Another spotlight of the consultation will likely be a panel dialogue on ‘macroeconomic affects of local weather alternate and transition pathways’ to be hung on Saturday in collaboration with the UAE, which will likely be conserving the COP28 Presidency, he added.
Nageswaran later additionally engaged with scholars and school of IITMadras on Thursday at the matter of ‘Reflections on India and the sector with particular center of attention on India’s 2023 G20 presidency’.