'Our inflation very well controlled, it's close to zero', says Sanyal at India Global Week

"Our inflation is very well controlled. It's close to zero. Foreign exchange reserves is close to half a trillion dollar," said Sanyal. Drawing analogy with 1991 Indian economic crisis Sanyal said there is a basic difference, "In 1991 we had a breakdown in macro economy balance. That is not the case now. Our inflation is very well controlled it's close to zero," he said.

New Delhi:India's inflation is very well controlled and is close to zero, said Sanjeev Sanyal, Principal Economic Adviser, Government of India at a virtual forum 'India Global Week 2020' on Thursday.

"Our inflation is very well controlled. It's close to zero. Foreign exchange reserves is close to half a trillion dollar," said Sanyal. Drawing analogy with 1991 Indian economic crisis Sanyal said there is a basic difference, "In 1991 we had a breakdown in macro economy balance. That is not the case now. Our inflation is very well controlled it's close to zero," he said.

"We are actually accumulating, foreign exchange reserved have grown past half a trillion dollar. On some parts economy is stable. We are making a huge number of changes. There is lot to do at the Central and state government level. We are open to feedbacks," he said.

The session witnessed a various perspective on India's current reform path, it's response to the COVID-19 crisis and oath ahead. While speaking on reforms Sanyal stressed that government is trying to provide cushion for the vulnerable whereas for the small industries government has give 100 per cent guarantee to three trillion rupees worth of resources that the banks can lend off.

Sanyal stressed that "we have lots of monetary space." Three days virtual conference themed "Be The Revival: India and a Better New World, India Global Week 2020" have 5000 global participants from 30 nations being addressed by 250 global speakers across 75 sessions.

India Global Week will experience sharing of ideas and ambitions as well as promoting, understanding and partnerships. This platform serves as an opportune moment to chart a way forward for India and the rest of the world.

(ANI Report)