Chief Economic Advisor V. Anantha Nageswaran during the Confederation of Indian Industry (CII) Annual Business Summit 2026, in New Delhi on May 12, 2026.
| Photo Credit: ANI

Prior to taking over as CEA, Anantha Nageswaran worked as an author, teacher and consultant. He has also been a part-time member of the Economic Advisory Council to the Prime Minister from 2019 to 2021. File
| Photo Credit: Bijoy Ghosh

The Government on Thursday (February 20, 2025) extended the tenure of Chief Economic Adviser (CEA) V. Anantha Nageswaran for two years till March 2027.

Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi approved the tenure of Mr. Nageswaran on a contract basis up to March 31, 2027.

With the approval of ACC, the tenure of V. Anantha Nageswaran as Chief Economic Adviser on contract basis is extended up to March 31, 2027, or until further order whichever is earlier, an office order said.

Mr. Nageswaran assumed charge of the CEA on January 28, 2022, for a three-year term.

The office of CEA is responsible for giving advice to the government on various economic policies and drafting the Economic Survey which is tabled in Parliament a day ahead of the Union Budget.

Mr. Nageswaran, an academic and former executive with Credit Suisse Group AG and Julius Baer Group, succeeded K V Subramanian.

His extension comes weeks after the Economic Survey 2024-25 projected a growth of 6.3-6.8% for the next financial year amid Asia’s third-largest economy showing signs of moderation.

As per the government’s advance estimates, the economy is expected to grow at 6.4% in the current financial year.

Opinion: India’s real growth rate and the forecast

Prior to taking over as CEA, Mr. Nageswaran worked as an author, teacher and consultant. He has also been a part-time member of the Economic Advisory Council to the Prime Minister from 2019 to 2021.

Besides, he has taught at several business schools and institutes of management in India and Singapore and has published extensively.

Mr. Nageswaran holds a Post-Graduate Diploma in Management (MBA) degree from the Indian Institute of Management, Ahmedabad. He obtained a doctoral degree in Finance from the University of Massachusetts in 1994 for his work on the empirical behaviour of exchange rates.

He was the Dean of the IFMR Graduate School of Business and a distinguished Visiting Professor of Economics at Krea University.

Mr. Nageswaran helped co-found the Takshashila Institution, an independent centre for research and education in public policy and helped launch the first impact investment fund of the Aavishkaar Group in 2001.

Village women work under MGNREGA scheme at Jagannath Prasad village in Ganjam district, Odisha on Saturday.
| Photo Credit: PTI

There had been a consistent increase in Female Labour Force Participation Rate (FLFPR) over the past seven years driven largely by a rise in women entering workforce in rural India, the Economic Survey for 2024-25 said.

The survey, tabled in Parliament by Union Finance Minister Nirmala Sitharaman on Friday (January 31, 2025), said this increase in FLFPR was the primary driver behind overall improvement in the labour market indicators.

According to the Periodic Labour Force Survey (PLFS) 2023-24 quoted by the survey, there was an enhanced participation of women in economic activities across various categories, including rural and urban. “This increase in FLFPR can partly be attributed to better capturing female workers in unpaid work by the PLFS survey”, it said.

The PLFS was conducted in selected districts of Bihar, Jharkhand, Madhya Pradesh, and Uttar Pradesh in November 2024.

The FLFPR had increased over the past seven years from 23.3% in 2017-18 to 41.7% in 2023-24, the survey said.

Currently, 21 States have a FLFPR in the range of 30-40%. Seven States or Union Territories reported FLFPR greater than 40%, with Sikkim reporting the maximum rate of 56.9%. While in 2017-18, 20 States and Union Territories had FLFPR of less than 20%, in 2023-24 it is only three states.

Rural FLFPR, which was the primary driving force behind overall increase in women’s workforce participation, rose from 24.6% in 2017-18 to 47.6% in 2023-24.

The survey said that this rise could be attributed to women taking advantage of new opportunities brought about by various government initiatives.

The increase in rural women workforce participation can also be attributed to the skilling initiatives and improved access to credit for diversified livelihoods provided to women’s collectives under the Deendayal Antyodaya Yojana — National Rural Livelihood Mission (DAY-NRLM).

Further, the increased push of government towards encouraging entrepreneurship was also likely a key contributor. For example, as of October 31, 2024, a total number of 73,151 start-ups with at least one woman director were recognised under the Startup India Initiative. This represented nearly half of the 1,52,139 start-ups supported by the government.

The survey noted that building a strong ecosystem for women’s entrepreneurship required innovative solutions alongside government initiatives including focus on credit access, skill training, and formalisation.

Rural women entrepreneurs face additional challenges, including limited business skills, market access, and technology gaps, compounded by a lack of mentorship and networking. Streamlining support through credit linkages, sensitising bankers, and efficient delivery mechanisms is essential. Cost-effective strategies, such as raising awareness, providing skill training, and improving access to government benefits, can empower women entrepreneurs, it said.

Chief Economic Advisor V. Anantha Nageswaran. File.
| Photo Credit: PTI

Chief Economic Advisor to the Government of India V. Anantha Nageswaran on Monday (September 2, 2024) said that since the consequences of what happens in the financial sector reverberate throughout, therefore it carries a significant weight of responsibility on its shoulders

Mr. Nageswaran, while speaking at the CII Financing 3.0 Summit in Mumbai said that the big difference between the financial sector and other sectors is that the consequences of what happens in this [financial] sector reverberate throughout the economy and beyond.

The Confederation of Indian Industry (CII) Financing Summit 3.0 is aimed at addressing key issues and come out with relevant recommendations to provide an impetus to financial sector’s role in supporting India’s growth.

Mr. Nageswaran also emphasised on 3Cs -Collaboration, Challenges, and Confidence that has significantly shaped Indian economy’s progress.

There is a need for banking services to permeate all across the country, channelizing funds for green financing, embracing technological & digital changes, promoting innovation, and reducing risk. There is also a need for greater harmony among regulators said Sanjiv Bajaj, CMD, Bajaj Finserv Ltd and Past President of CII at summit.

Image for representational purposes only.
| Photo Credit: The Hindu

Laying the groundwork for revisiting the Mahatma Gandhi Rural Employment Guarantee Scheme (MGNREGS) as a poverty alleviation tool, Chief Economic Adviser V. Anantha Nageswaran on July 22 noted in the Economic Survey that demand under the scheme was not a “real indicator” of rural distress. 

While there is a marked variation in the performance of the scheme across States, Mr. Nageswaran said that none of the studies conducted so far had come up with a satisfactory explanation on the unevenness in outcomes.

Also read: Economic Survey 2023-24 highlights

According to the survey, while Tamil Nadu has less than 1% of the poor population in the country, it accounted for nearly 15% of all the MGNREGS funds released in the financial year 2023-24.

Similarly, Kerala, with only 0.1% of the poor population, used almost 4% of the total funds allocated for the MGNREGS. Together, they generated 51 crore person-days of employment.

In contrast, Bihar and Uttar Pradesh, with about 45% (20% and 25%, respectively) of the poor population, accounted for only 17% (6% and 11% respectively) of the MGNREGS funds and generated 53 crore person-days of employment.

As per the survey, the correlation coefficient between State-wise multidimensional poverty index and person-days generated was only 0.3, indicating that the MGNREGS fund usage and employment generation were not proportional to poverty levels. (A coefficient of 1 would indicate that the poorer a State, greater the number of person-days it would generate, while a coefficient of 0 would indicate no relationship between poverty and person-days.) 

In this context, the survey concludes that “demand under MGNREGS is not a real indicator of rural distress but is rather predominantly linked with the State’s institutional capacity and to some extent also different minimum wages and other considerations”. 

At the same time, it concedes that the variation in fund usage can be attributed to the varying MGNREGS wage rates in each State. There is no national minimum wage under the programme and the States are free to decide their own wage rates. States such as Haryana, Kerala, Tamil Nadu, and Karnataka have relatively high notified wage rates under the MGNREGS.

The difference in registering the demand for the scheme is heavily dependent on the efficiency of State administration. This is reflected in the fact that despite provisions mandating State governments to grant unemployment allowance if work is not provided within 15 days, only ₹90,000 was released in FY24 and ₹7.8 lakh in FY23 across all States. 

New Delhi:

The Union government is set to present the Economic Survey 2023-24 in both houses of Parliament today. Union Finance Minister Nirmala Sitharaman will table the pre-budget document in Parliament, a day ahead of the full Budget presentation for 2024-25.

The Economic Survey 2023-24 will be presented in Lok Sabha at 1 pm and in Rajya Sabha at 2 pm, followed by a press conference by Chief Economic Adviser Anantha Nageswaran.

This year’s Budget will be keenly watched as several major economies in the world have been struggling. India, on the other hand, has retained its tag as the fastest-growing economy.

What is an Economic Survey

The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, will give insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year.

It is a report card on the economy and presents the growth outlook. The survey gives a detailed account of the state of the economy, prospects and policy challenges.

The Economic Survey provides statistical information and analysis on various sectors of the economy as well as data on employment, GDP growth, inflation, and the budget deficit.

History of Economic Survey

The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented the day before the Union Budget.

The most important feature that many will look out for is its central theme.

In 2022, the central theme was ‘Agile Approach’, which emphasized on India’s economic response to the COVID-19 pandemic shock. In 2023, it was ‘recovery complete’, when the economy staged a broad-based recovery from pandemic-induced contraction, Russian-Ukraine conflict, and inflation, and ascended to the pre-pandemic growth path.

Typically, along with the sectoral chapters, the Survey document also adds new need-based chapters that need focus.

All eyes will be on the major announcements made by the finance minister and the government’s forward-looking guidance about the overall economy.

With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. Sitharaman’s upcoming budget speech will be her seventh. Sitharaman has surpassed Manmohan Singh, Arun Jaitley, P. Chidambaram, and Yashwant Sinha, who each presented five budgets.

Chief Economic Advisor to the Government of India, Dr. V Anantha Nageswara.
| Photo Credit: SRINATH M

With the economy regaining momentum, it is time for fiscal policy to step back, Chief Economic Adviser V. Anantha Nageswaran told The Hindu, explaining the interim Budget for 2024-25. Identifying some of the next generation reforms needed in the coming years, he said recent changes, including the Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), and direct taxes also need a periodic review. Edited excerpts: