Harsh Goenka Explains Why India Is Now Global’s Quickest Rising Primary Economic system

Chairman RPG Enterprises Harsh Goenka took to Twitter on Monday to share that India has successfully made it to world’s fastest growing major country despite dealing with Covid-19 pandemic as well as impact of geopolitical tensions.

Harsh Goenka tweeted, “India is now world’s fastest growing major country with the 3rd largest economy in PPP. It has world’s 2nd largest agri sector, 5th largest manufacturing and 7th largest services economy. Achieving this in spite of Covid, geopolitical tensions, is a fine achievement of this govt.”

In a related development, a top official from the International Monetary Fund said that 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.

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 told PTI 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,” 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.

(With inputs from agencies)

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