India's Recovery From COVID-19 Crisis Exemplary: Chief Economic Advisor
The country has shown exemplary resilience in recovery from the COVID-19 pandemic crisis, Chief Economic Advisor (CEA) Anantha Nageswaran said on Saturday.
Mr Nageswaran was addressing an "Indian Economy: Prospects, Challenges and Action Points" event at the 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.
He added that all major activities and parameters of the economy had crossed their pre-COVID levels, and it is now enjoying macroeconomic tailwinds.
The advisor noted that the government had taken quick and precise steps at the policy level, supported by the Reserve Bank of India's timely interventions.
The Indian economy is firm and stable in various fundamentals compared to developing and developed countries. The developed world is moving from low 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, 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 indicates fast changes in the informal sector," Mr Nageswaran added.Â
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