India is showing exemplary resilience in recovering from COVID-19 crisis, says CEA Nageswaran
The country has shown exemplary resilience in its recovery from the COVID-19 pandemic crisis, Chief Economic Adviser (CEA) Anantha Nageswaran said on Saturday.
Nageswaran was addressing an event on “Indian Economy: Prospects, Challenges and Action Points” at the Haryana Institute of Public Administration (HIPA) in Gurugram.
“India has shown exemplary resilience in recovering from a crisis due to the COVID-19 pandemic,” he said.
All activities and major metrics of the economy have broken through their pre-COVID levels, and it is now enjoying macroeconomic tailwinds, he added.
Swift and precise actions were taken by the government at the political level, which were backed up by the timely interventions of the Reserve Bank of India, the adviser noted.
Compared to developing and developed countries, the Indian economy is firm and stable in terms of various fundamentals. The developed world is going from low inflation to high inflation and it is in these times that we have managed to control inflationary pressure, he said.
The CEA said it hoped that, according to International Monetary Fund projections, India would be on the way to a GDP of five trillion dollars by 2027.
“Today, we have a strong recovery in private investment, and the country has comfortable foreign exchange reserves to withstand the turmoil in the international currency market. The exponential growth of digital payments in India over the past few years is a sufficient indication of rapid changes in the informal sector,” added Nageswaran.