India demonstrates exemplary resilience in recovering from the Covid-19 crisis: CEA

GURUGRAM: The country has shown typical resilience in post-recovery Covid-19 pandemic crisisChief Economic Advisor (CEA) Anantha Nageswaran said on Saturday.
Nageswaran is dealing with an event on “Indian Economy: Prospects, Challenges and Action Points” at Haryana Institute of Public Administration (HIPA) here.
“India has demonstrated an exemplary resilience in recovering from the crisis caused by Covid-19 pandemic,” he said.
All key economic activity and parameters have surpassed pre-Covid levels, he added, and it is currently enjoying trends that are in line with the macroeconomics.
The advisor noted that quick and precise steps have been taken by the government at the policy level, aided by the Reserve Bank of India’s timely interventions.
Compared to developing and developing countries, the Indian economy is solid and stable in many fundamental respects. The developed world is moving from low inflation to high inflation and it is in such times that we have managed to contain inflationary pressures, he said.
The CEA said he expects that according to International Monetary Fund forecasts, India is on track to reach a GDP size of $5 trillion by 2027.
“Today, we are enjoying a strong resurgence in private investment and the country has comfortable foreign exchange reserves to weather the turmoil in the international currency markets. digital payments growth in India over the past few years is an indication of rapid changes in the informal sector,” added Nageswaran.

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