Amid global uncertainties, the Indian economy has showcased remarkable resilience, rebounding from pandemic setbacks and sustaining impressive growth, projecting over 7 percent for the third consecutive year in FY24. This resilience stems from a historical ability to overcome challenges, with Indians historically adept at rebuilding lives after natural disasters, contributing to economic recovery. Preemptive policy decisions, including effective COVID management, localised lockdowns and nationwide vaccination efforts, prevented severe economic contraction vis-a-vis other major economies. A substantial increase in government's capital expenditure, fiscal discipline in public sector banks and initiatives like the Asset Quality Review and recapitalisation fortified the financial system. Macroeconomic stability, managed inflation and low external debt shielded India from global economic uncertainties. Domestic demand, driven by sustained focus on infrastructure, housing and energy security, has been a consistent economic force. The commitment to resilience extends to addressing climate change, with a forward-thinking approach to energy security and environmental responsibility. This article delves into the key factors contributing to India's economic resilience.
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