Post‐pandemic economic recovery: A review of the effectiveness of fiscal and monetary policies in India

Sazzad Parwez

Economic Affairs, 2025, vol. 45, issue 3, 417-439

Abstract: The COVID‐19 pandemic unleashed a profound global economic crisis, compelling the Indian government and the Reserve Bank of India to implement extensive fiscal and monetary measures to mitigate its adverse effects and stimulate recovery. This article provides an in‐depth assessment of India's post‐pandemic economic recovery efforts, evaluating the efficacy of fiscal stimulus and monetary interventions. By analysing policy frameworks, key economic indicators, and empirical data, the study examines the impact of government spending, tax incentives, interest rate adjustments, and liquidity measures on overall recovery. It also critically analyses the trajectory of inflation, public debt, and economic inequality in the post‐pandemic period. While expansionary policies helped prevent a prolonged downturn, concerns over fiscal sustainability, rising amounts of non‐performing assets, and income disparities remain. Addressing these disparities requires targeted policy measures that focus on long‐term resilience and structural reforms.

Date: 2025
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