The early lockdown saved lives and helped in ensuring faster economic recovery, Chief Economic Advisor Krishnamurthy Subramanian said in an address to the media after the presentation of the Economic Survey. Krishnamurthy Subramanian went on to dedicate the economic survey to Covid warriors.
India’s policy response to Covid-19 was guided by the realization that GDP growth will come back, but not lost human lives, Krishnamurthy Subramanian said, highlighing the fact that during periods of high uncertainty, policy should minimize large losses.
India has been able to effectively manage both the spread of COVID-19 and the fatalities, he emphasized.
Meanwhile, the Economic Survey forecasted a “V-shaped” recovery for the Indian economy and real GDP growth of 11 per cent in 2021-22, on the back of the roll-out of a massive vaccination drive. Finance Minister Nirmala Sitharaman presented the Economic Survey, detailing the state of the economy ahead of the Budget, on February 1.