India emerged much stronger after COVID-19: EAC-PM member Sanjeev Sanyal

India has emerged clearly much stronger after the COVID-19 pandemic and it was acknowledged by the world, Economic Advisory Council to the Prime Minister (EAC-PM) member Sanjeev Sanyal said on Friday. Addressing an event organised by the industry body Confederation of Indian Industry, Sanyal said India is the fastest-growing major economy and its economic growth rate will be twice of China’s economic growth.

He also pointed out that India is the 5th largest economy in the world, and the country is finally at the big table.

“This requires us to think big,” the EAC-PM member said.

On October 6, the World Bank projected a 6.5 per cent growth rate for the Indian economy for 2022-23, a drop of one percentage point from its June 2022 projections, citing the deteriorating international environment.

The Reserve Bank of India recently slashed the growth projection to 7 per cent for the current fiscal year from the earlier forecast of 7.2 per cent, citing aggressive tightening of monetary policies globally and moderation in demand.

Sanyal said that during the pandemic period, the government privatised Air India and cleaned up the country’s banking sector.

According to Sanyal, enforcement of contracts and jail reforms should be the next reform agenda.