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India showed ‘exemplary resilience’ in recovering from Covid crisis: CEA

Anantha Nageswaran is hopeful that the country is headed towards achieving the GDP size of five trillion dollars by 2027.

By: Express News Service | Gurgaon |
Updated: June 12, 2022 5:32:32 am
Chief Economic Advisor V Anantha Nageswaran during a press conference. (Express photo by Amit Mehra/File)

Chief Economic Advisor (CEA) Anantha Nageswaran said on Saturday that the country has shown “exemplary resilience” in recovering from the crisis that was brought forth by the Covid-19 pandemic. Speaking at the Haryana Institute of Public Administration (HIPA) in Gurgaon, he said all major economic activities and parameters have now crossed their pre-Covid levels. At HIPA, Nageswaran delivered a lecture on ‘Indian Economy: Prospects, Challenges and Action Points’. He said the government took quick and precise steps at the policy level, and was supported by timely interventions by the Reserve Bank of India.

In comparison with the economies of other developing and developed countries, he said, the Indian economy is firm and stable in various fundamentals.

“The whole developed world is moving from low inflation to high inflation, and it is in such times that we have managed to keep inflationary pressures under check,” Nageswaran said.

The CEA said he is hopeful that as per the projections of the International Monetary Fund, India is on course to becoming a $5-trillion economy by 2027. He said that the exponential growth of digital payments in India during the last few years is an indication of fast changes in the informal sector. “

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First published on: 11-06-2022 at 04:08:28 pm

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