The nation has proven exemplary resilience in restoration from the COVID-19 pandemic disaster, Chief Economic Advisor (CEA) Anantha Nageswaran mentioned on Saturday. Nageswaran was addressing an occasion on “Indian Economy: Prospects, Challenges and Action Points” at Haryana Institute of Public Administration (HIPA) right here.
“India has shown an exemplary resilience in recovering from a crisis due to the COVID-19 pandemic,” he mentioned. All main actions and parameters of the economic system have crossed their pre-COVID ranges, and it’s now having fun with macroeconomic tailwinds, he added.
Quick and exact steps have been taken by the federal government on the coverage degree, which was supported by the Reserve Bank of India’s well timed interventions, the advisor famous.
Compared to growing and developed nations, the Indian economic system is agency and steady when it comes to numerous fundamentals. The developed world is shifting from low inflation to excessive inflation and it’s in such occasions that we’ve got managed to maintain inflationary strain underneath test, he mentioned.
The CEA mentioned he’s hopeful that as per the projections of the International Monetary Fund, India is heading in the direction of reaching a GDP measurement of USD 5 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
Source: www.financialexpress.com”