Chief Economic Advisor V Anantha Nageswaran addressed the confusion surrounding digitisation and deregulation, stating that many in the administration mistakenly believe digitisation means deregulation.
He explained that while digital platforms may replace offline systems, this does not equate to removing unnecessary regulations.
Nageswaran emphasised that digitisation itself is not deregulation; it simply moves processes online. The key focus should be on eliminating unnecessary regulations, whether they are online or offline.
He also discussed the importance of reducing regulatory hurdles for small businesses, as excessive compliance requirements waste time and resources.
For India to grow, Nageswaran stated, it must rely more on its domestic economy, as globalisation will not deliver the same benefits it once did. He mentioned that de-globalisation is part of a long-term trend and predicted that, in the future, a new trend may emerge.
Regarding inflation, Nageswaran warned that it could remain higher than in the past due to decreased efficiency worldwide. However, if India can lower inflation to 3-4 per cent, it would help manage the depreciation of the rupee.
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On energy security, Nageswaran highlighted the importance of not relying solely on renewable energy and stressed that nuclear energy should play a key role in India's energy transition. He added that India must be practical and avoid viewing green energy as a “religion” like some European countries have.
He also pointed out that achieving energy transition goals requires growth, which can only happen with sufficient energy resources. India has the potential to grow at 6.5-7 per cent annually for many years, supported by a favorable demographic shift that will help sustain this growth for the next 15-20 years.
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