India has been at the forefront in fighting the coronavirus pandemic and “really stands out” in terms of its vaccine policy, Chief Economist of the IMF Gita Gopinath has said, as she hailed the country for playing a very important role during the crisis by manufacturing and shipping the COVID-19 vaccines to several nations.

"I also want to mention that India really stands out in terms of its vaccine policy. If you look at where exactly is one manufacturing hub for vaccines in the world - that will be India," Gopinath said. Gopinath lauded the Serum Institute of India, saying it produces the most number of vaccines in the world in a regular year and has been manufacturing the COVID-19 vaccine doses that are delivered to COVAX and then distributed to countries around the world.

The country has been playing a very important role in helping the world in the global health crisis through its vaccination policies, she said. She pointed out that India makes up about 7 percent of world GDP based on purchasing power parity terms. So, when you're that large, what happens in India has implications for many other countries in the world, especially countries in the region," she said.

Noting that India was "hit very hard" by this pandemic, Gopinath said the country, which typically grows at over 6 percent, recorded a growth of negative 8 percent in 2020. "So, it was very hard hit but you do see the recovery coming back as the country has reopened, activities returning."

The International Monetary Fund (IMF) has projected an impressive 11.5 percent growth rate for India in 2021, making the country the only major economy in the world to register a double-digit growth this year amidst the coronavirus pandemic. "Now because of its size, when you have India growing, it increases the demand for goods from other parts of the world and that's a big positive," she said. Gopinath gave the keynote address at the Dr. Hansa Mehta Lecture which is named in memory of the pioneering Indian reformer and educator. It was organized virtually by India's Permanent Mission to the UN and the United Nations Academic Impact.

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