Internal market in a good position, says Sanjeev Sanyal

KOLKATA: Sanjeev Sanyal, a member of the economic advisory council to the prime minister Saturday said that the country’s internal market is in a good position and its macroeconomic stability is in a comfortable zone despite the ravage of the pandemic.

Speaking at the Bharat Chamber of Commerce here, Sanyal said that there has been an unprecedented crisis during the two-year-long pandemic and the Indian economy has emerged stronger after that.

“The world has never been in equilibrium”, he said indicating that dynamics keep changing.

Sanyal said, “The policies adopted during the last two years have made the Indian economy emerge stronger. The internal market is in a good position, the banking system is much better now compared to the crisis before. The macroeconomic stability is in a comfortable zone”.

The economist said that the supply side, which went into complete disarray, has improved now and the benefit of getting resources after the introduction of GST has now begun to kick in.

According to him, India is sitting on huge foreign exchange reserves which can be used when the country needed to.

“We need to deal with an uncertain future. The uncertainty is so much it has become difficult to frame policies at times”.

Sanyal said, “Earlier it was a Newtonian (mechanistic) world ... Equilibrium was a term not related to any economic connotation”.