NEW DELHI: The Indian economy has weathered the impact of the second wave and is now stabilizing as industries have opened up and demand has not been affected, a senior Treasury official said.
“As the Indian economy recovers after the pandemic, we found that the impact in the second wave was much smaller compared to the first wave. Things are stabilizing and industries are now opening up and we are realizing that demand in India is not an obstacle. On a global level, this is a serious problem, but India is able to overcome this problem as our budget is strong. Our reforms in the utilities sector are unprecedented. During the first wave we focused on framework reforms such as GST, Aadhar, labor and agriculture laws, while the second wave is more sectoral in nature, such as deregulation, monetization and privatization of industries, ”said Sanjeev Sanyal, senior economic advisor in the Ministry of Finance at the Season 9 of the Leaders of Tomorrow Awards and the ET Now organized Conclave.
The award celebrates the success stories of India’s most innovative MSMEs and start-ups.
Regarding the third wave reforms currently in the pipeline, Sanyal said, “Our goal during the third wave reforms would be to get the Indian state to do what it should be doing, including providing Equity, contract enforcement, and modernization of community services. We plan to give poorer parts of society access to first-class infrastructure in order to promote innovation. I don’t believe in rigid planning, but concentrate on a growth strategy based on flexibility and resilience. ”