The country has shown exemplary resilience in recovery from the COVID-19 pandemic crisis, Chief Economic Advisor (CEA) Anantha Nageswaran said on Saturday. 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 a crisis due to the COVID-19 pandemic,” he said. All major activities and parameters of the economy have crossed their pre-COVID levels, and it is now enjoying macroeconomic tailwinds, he added.
Quick and precise steps have been taken by the government at the policy level, which was supported by the Reserve Bank of India’s timely interventions, the advisor noted.
Compared to 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 it is in such times that we have managed to keep inflationary pressure under check, he said.
The CEA said he is hopeful that as per the projections of the International Monetary Fund, India is heading towards achieving a GDP size of USD five trillion by 2027.
“Today, we have a strong revival of private investment, and the country has comfortable forex reserves to withstand turbulence in the international currency market. The exponential growth of digital payments in India during the last few years is an indication enough of fast changes in the informal sector,” Nageswaran added