Recent indications signal buoyancy in Indian economy
Gurugram, June 11 – India has shown an exemplary resilience in recovering from a crisis due to Covid-19 pandemic, said Dr. Anantha Nageswaran, Chief Economic Advisor to Government of India. Dr. Nageswaran was at Haryana Institute of Public Administration (HIPA) Gurugram to deliver a special lecture on “Indian Economy: Prospects, Challenges and Action Points”, in which he made a detailed presentation about the government’s priorities and vision.
He said all major activities and parameters of economy have crossed their pre-Covid levels and it is now enjoying macroeconomic tailwinds. Simultaneously, quick and precise steps have been taken by the Government of India at policy level, ably supported by timely interventions and backing by the Reserve Bank of India. Dr. Nageswaran said that in comparison with the economies of other developing and developed countries, 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 pressure under check. He elucidated Indian economy’s bright spots among peers and major economies.
The Chief Economic Advisor is hopeful that as per the projections of International Monetary Fund (IMF), India is heading towards achieving the GDP size of five trillion Dollars by the year 2027. This hope is founded on several factors like adequately capitalized banking sector, strong balance sheets of financial institutions and corporates, steady growth in manufacturing sector output and the exports showing a consistent upward trend. Today we have a strong revival of private investment and country has a comfortable forex reserves to withstand turbulences in the international currency market, he added.
Dr. Nageswaran dispelled the fears arising out of failing economies in our neighbourhood and disruptions due to war. He said that the exponential growth of digital payments in India during the last few years is an indication enough of fast changes in the informal sector. The government is aware about the inevitability of giving a big push to the capital expenditure and it has necessary resources to maintain it in the times ahead, he added.
Smt. Surina Rajan, IAS (Retd.) Director General, Haryana Institute of Public Administration, Gurugram welcomed Dr. Nageswaran and introduced him to the large number of people who attended the lecture. Dr. K.L. Prasad, Head of the Centre for Policy Studies at the Institute moderated the programme and proposed the vote of thanks.