Sanjeev Sanyal said India's economy is not in crisis and remains resilient despite geopolitical uncertainty and rising oil prices [1].
This assessment comes as global markets face volatility, making India's internal stability a key indicator for international investors and domestic policy planners.
Sanyal, an economist and member of the Prime Minister's Economic Advisory Council (PM-EAC), said these views during an interview with Moneycontrol [1]. He pointed to specific data to support the claim of stability, noting that India's GDP growth in the January-March quarter reached 7.8% [1].
According to Sanyal, the country has a proven track record of managing significant external and internal shocks. He said, "We have navigated banking stress, COVID-19, and the Russia-Ukraine war without a crisis" [1]. This history of endurance serves as the foundation for his current optimism regarding the nation's financial health.
Sanyal said that the current environment of geopolitical uncertainty has not derailed the country's growth trajectory. He said, "India’s economy remains resilient despite rising oil prices and geopolitical uncertainty" [1].
By focusing on the 7.8% growth rate [1], Sanyal suggests that the fundamental drivers of the economy are functioning effectively. He said that the ability to maintain such growth while facing global headwinds demonstrates a level of structural strength that prevents a full-scale crisis.
“India’s economy remains resilient despite rising oil prices and geopolitical uncertainty”
The assertion by a PM-EAC member that India is avoiding a crisis underscores a strategy of relying on domestic growth to offset global volatility. By highlighting a 7.8% GDP growth rate and a history of surviving pandemics and wars, the government is signaling to markets that its economic framework is decoupled from the immediate shocks affecting other major economies.
