Confederation of Indian Industry: Indian Economy Has Been Resilient, Despite Going Through Major Shock - India Principal Economic Advisor Sanyal
The Confederation of Indian Industry issued the following news release:
"The economy has been resilient despite going through a major shock. The financial system has come off rather well, especially the banking system", stated Shri Sanjeev Sanyal, Principal Economic Advisor, Government of India. He was speaking at the special plenary session on the 12th Financial Markets Summit "Building India for a New World: Role of Financial Markets", organized by the Confederation of Indian Industry.
Mr. Sanyal further stated that all the efforts undertaken by the Indian Government in cleaning the banking system, from 2017 onwards, such as the use of Insolvency and Bankruptcy Code, creation of Bad Bank and other measures, helped in creating a robust banking system and build the foundations for long term growth. This helped banks and Non-Banking Financial Companies come off the Covid cycle rather well, he a...