Recovery from Covid complete: Chief Economic Adviser

Tribune News Service

New Delhi, January 31

Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday said the recovery from the pandemic was complete and India was set to perform in this decade owing to the reforms unleashed by the government in the past eight years.

“The recovery of the economy is complete; non-banking and corporate sectors now have healthy balance sheets; hence, we don’t have to speak of the pandemic recovery anymore, we have to look ahead to the next phase,” he said at a press conference after the presentation of the Economic Survey.

“Reforms of the past eight years, spanning multiple dimensions, including digital, social and physical infrastructure, were happening even as banking clean-up was going on,” he said.

The Economic Survey also made frequent mention of the reforms over the past eight years and noted that the Indian economy “appears to have moved on after its encounter with the pandemic, staging a full recovery in 2021-22 ahead of many nations and positioning itself to ascend to the pre-pandemic growth path in 2022-23”. The CEA pointed out that urban unemployment had come down to 7 per cent and the worker population ratio had picked up to 45 per cent. Credit growth was picking up across sectors and private investment in 10 sectors in the first half of 2022-23 was higher. “As private investment begins to pick up and as the construction sector comes back to life, the employment scenario will become as it did in the first decade,” he said. He felt that digital investments would mainly drive the country’s growth, acting as “growth magnets” in the near future. India’s robust digital infrastructure has the potential of adding around up to 100 basis points to India’s GDP rate, he said.

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