The private sector has restored its profitability and balance-sheet strength, and thus should increase its capital expenditure plans, Chief Economic Advisor V Anantha Nageswaran said. In an exclusive interaction with Arup Roychoudhury and Asit Ranjan Mishra, Nageswaran said budget-deficit targets should be decided solely by debt levels and the ability of the government to spend money effectively. He said he would come up with an update to the Survey later in the year. Edited excerpts:
You have said a moderate to significant global economic slowdown will work in favour of India. Are you indicating that the Indian economy has decoupled from the developed world?
We have not decoupled. I would argue we are coupled in different ways. One is to always think strong growth means better export prospects. But when we face imports of important items and when strong growth in
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