India’s Chief Economic Adviser Ananth Nageswaran noted that all key activities and parameters of the Indian economy have crossed their pre-COVID levels, and the country is now enjoying macroeconomic tailwinds.
India’s Chief Economic Adviser Ananth Nageswaran noted that all key activities and parameters of the Indian economy have crossed their pre-COVID levels, and the country is now enjoying macroeconomic tailwinds.
Chief Economic Adviser (CEA) Ananth Nageswaran on Saturday said the country has shown exemplary resilience in recovering from the COVID-19 pandemic crisis.
Mr Nageswaran was addressing an event on “Indian Economy: Prospects, Challenges and Action Points” at Haryana Institute of Public Administration (HIPA) here.
“India has shown an exemplary resilience in recovering from the crisis due to the COVID-19 pandemic,” he said.
All key activities and parameters of the economy have crossed their pre-COVID levels, and it is now enjoying a broader economic tailwind, he said.
Shri Nageswaran said that the government has taken prompt and precise steps at the policy level, which were supported by the timely intervention of the Reserve Bank of India.
Indian economy strong and stable
Compared to the developing and developed countries, the Indian economy is firm and stable in terms of various fundamentals. The developed world is moving from low inflation to high inflation and at such times we have been able to keep inflationary pressures under control.
Mr Nageswaran said he expects India to achieve a GDP size of USD five trillion by 2027, according to the International Monetary Fund’s estimates.
“Today, we have a strong revival of private investment, and the country has comfortable forex reserves to weather the turbulence in the international money market. The exponential growth of digital payments in India during the past few years is indicative of this. That is enough for rapid transformation of the country into the informal sector,” Mr. Nageswaran said.