Govt. Extends Chief Economic Adviser Nageswaran's Term by Two Years

The Indian government has extended the tenure of Chief Economic Adviser (CEA) V Anantha Nageswaran by two years, keeping him in the role until March 31, 2027. The extension, approved by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi, ensures that Nageswaran will continue to serve on a contract basis until the specified date or until further orders.

Nageswaran assumed charge as the CEA on January 28, 2022, for an initial three-year term. The office of the CEA plays an important role in advising the government on various economic policies and drafting the annual Economic Survey, which is presented in parliament a day before the Union Budget.

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The extension of Nageswaran's tenure comes at a time when the Indian economy is experiencing signs of slowing growth. Real GDP grew by 5.4% in the September quarter, the slowest in nearly two years, due to a slowdown in manufacturing, urban consumption, and muted corporate earnings.

According to the Economic Survey 2024-25, GDP growth is projected to be between 6.3% and 6.8% for the next fiscal year (FY26). The government's advance estimates indicate that the economy is expected to grow at 6.4% in the current financial year.

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Nageswaran, an alumnus of the Indian Institute of Management (IIM) Ahmedabad, has an extensive academic background. He holds a doctoral degree from the University of Massachusetts in Amherst and has taught international economics, exchange rates, and financial markets at leading business schools in Singapore and India. Before his appointment as CEA, he was also a part-time member of the Economic Advisory Council to the Prime Minister of India from 2019 to 2021.

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Nageswaran served as the dean of the IMR Graduate School of Business and a visiting professor of Economics at Krea University. He has been involved with several corporate boards, including Sundaram Fasteners Limited, Delphi TVS Technologies Limited, and TVS Tyres. His diverse experience makes him a valuable asset to the government's economic strategy.

Following the release of the Economic Survey on January 31, Nageswaran highlighted various risk factors affecting economic growth, such as global market volatility. Despite these challenges, he emphasized that India remains the fastest-growing economy among large economies in the world. He also noted that an additional 0.5% to 1% growth could come from agriculture, potentially increasing GDP growth to 7.5% or 8%.

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His expertise and experience will continue to guide the government in navigating economic challenges and opportunities, ultimately shaping the nation's economic future.

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