Indian economy is on the recovery path, says MPC's Mridul Saggar

The Indian economy is on the recovery path, but structural challenges remain, Saggar said at an event

Reserve Bank of India (RBI) executive director and monetary policy committee (MPC) member Mridul Saggar on Thursday said the economy is on the recovery path after witnessing a relatively muted economic impact of the pandemic second wave.

The Indian economy is on the recovery path, but structural challenges remain, he said at an event organized by the Merchants Chambers of Commerce and Industry (MCCI) at Kolkata. High-frequency indicators of economic activity were normalizing gradually after the second wave, though half of them are yet to normalize, he said, according to a statement emailed by the central bank.

The learning effects of the first year of crisis have helped in mitigating the pandemic’s impact, he said.