Chief Economic Adviser V Anantha Nageswaran said on Wednesday that the second half of the current fiscal was likely to be challenging as higher oil prices, rising interest rates and increased downside risks to global growth created a tougher external environment for India, as per a PTI report.
Nageswaran, however, defended the economy’s 7.8% GDP growth in the April-June quarter, saying the number was backed by credible data and continued momentum in high-frequency indicators such as GST collections, credit growth and exports.
