India's chief economic adviser flags export growth concerns

India's chief economic adviser said on Thursday the outlook for the growth of exports may be less positive because of a possible global economic slowdown.

"We need to be cautious of the export outlook for us in the coming years and concentrate on the internal drivers of demand," said V Anantha Nageswaran at a banking industry event.

India's growth after 2022/23 is likely to accelerate once global shocks start to wane, Nageswaran said in a presentation.

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Economic growth in the South Asian nation may draw impetus from stronger investment cycle, financial system and structural reforms, he said.

However, risks to India's growth would persist if the price of crude oil spikes, and risk aversion returns to financial markets over the next few months.

Nageswaran also said that there were good prospects for recovery in the capital expenditure cycle in the medium term.

"The private sector capex in the first half has crossed 3 trillion rupees and if the pace continues, we should be looking at 6 trillion rupees (for this year)," he said.