India in much better place to face Ukrainian crisis: IMF official
The Hindu
Successful macroeconomic management of the Covid-19 pandemic has resulted in a strong recoveryf India’s economy, says Nada Choueiri
The successful macroeconomic management of the Covid-19 pandemic has resulted in a strong recovery of India’s economy because of which the country is in a better position to face the economic fallout of the current Ukrainian crisis, a top official from the International Monetary Fund has said.
Observing that India represents about seven per cent of the total world economy in purchasing power parity (PPP) terms and is one of the countries that are growing rapidly, IMF’s Mission Chief for India Nada Choueiri said that India's growth is lifting the global economy and is very important for a well-functioning global economy.
"So, here you have an important contribution. The other important role that India is playing today is in the provision of vaccines,” she said on Wednesday.
As a significant vaccine producer, India has a role also in managing future pandemics, she said.
“The macroeconomic management of the pandemic has resulted in a strong recovery although the recovery remains incomplete. So, India is in a much better place today to face the crisis from the Ukraine shock than it was at the time of the taper tantrum. But the global economy is in a very difficult place today because of the shocks,” Ms. Choueiri said.
Giving her impression about the performance of the Indian economy during this global economic crisis beginning with the Covid-19 pandemic, she said India took important measures on a spectrum of policies.
“We saw sound fiscal management to get things right, to create fiscal space, to respond to the immediate needs of the population. We also saw proactive monetary policy to respond to the needs of the financial system and of the corporate sector to support the liquidity needs during the pandemic,” she said.
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