We are in better shape than last year, uncertainty is much lower: CEA

Amid a surge in COVID-19 cases in the country, Chief Economic Advisor (CEA) KV Subramanian on Friday said that the economy is in a better shape because of roll-out of vaccines and uncertainty is much lower.

Amid a surge in COVID-19 cases in the country, Chief Economic Advisor (CEA) KV Subraman on Friday said that the economy is in a better shape because of roll-out of vaccines and uncertainty is much lower.

Speaking at the Amazon Smbhav Summit here Subraman said the country is seeing a second wave of COVID-19 and people should be careful and follow regulations.

"But I think overall, compared to the previous episode, we are in a better shape because of the vaccine. The vaccination drive is already proceeding. So I think the uncertainty is much lower," he said.

The CEA said the government actions are driven by the goal of saving lives.He said it is also stated in Mahabharata that saving a life that is in jeopardy is the origin of dharma."The essence of dharma is to save lives, which is what the government focused on at the start of the pandemic."

He also noted that digital transactions have grown significantly in the country and the value-added data generated by public-private partnerships can be useful in healthcare, finance, trade and many other sectors.

The CEA said India has embraced digital technologies not only in the private sector but also in the public sector and referred to the relief provided to the poor and vulnerable sections by the government during the COVID-19 pandemic.

"The most salient example of this is if you take the way in which essentials were provided to almost 800 million people in India. We did that through the public distribution system and through the use of our mobile. The United States had to first physically print out cheques, get all those cheques signed by the President, put them in envelopes, mail them through the United States Post Office. People received these checks, went and deposited those checks in banks and then were able to withdraw that cash, a process that took 45 days to two months, which India did at the click of a button," he said.

"Digital transactions have grown significantly. Now a lot more data technologies are being used on the GST platform. I think the Indian economy is really equipped very well to usher in the significant growth happening in the e-commerce sector," he added.

Referring to the 2018-19 economic survey, he said it had made mention of data as a public good.

"The value-added data that can actually be generated by these public-private partnerships can be useful in healthcare, finance, trade, trade credit and many other sectors. Technologies like blockchain are also very important, pushing better data while at the same time taking care of all the privacy protocols. India is among the leading economies in terms of embracing this change. India will definitely benefit from this change that has been brought by the COVID-19 pandemic," he said.

( With inputs from ANI )