Department of Economic Affairs Secretary Ajay Seth today said that no significant downside risks are anticipated for the country’s economic growth. He said this while participating in a panel discussion organised during FICCI’s 97th Annual General Meeting in New Delhi. Mr. Seth highlighted that the country began the year with growth estimates of 6.5 to 7 percent in the Economic Survey, and it remains well within that range. He also mentioned that the scheme of one lakh crore funding for research and development innovation will be operational before the next budget.

Defence Secretary RK Singh, Ministry of Electronics and Information Technology Secretary S Krishnan, Textile Secretary Rachna Shah, and Steel Secretary Sandeep Poundrik were also present at the event.

Meanwhile, Defence Secretary RK Singh highlighted that the value of production in the defence sector has increased threefold, while exports have grown by 31 times in the last 10 years. He emphasised that currently, the Defence Ministry spends 75 percent of its capital budget on domestically manufactured products. He also highlighted that the government’s goal is to increase private sector contribution to 50 percent, up from the current 30 percent.