Responding to a Morgan Stanley report which says that India's prudent fiscal policy has paid of while the US, and Europe's massive stimulus backfired, Sanyal said, "I made the point right during the pandemic, that it is no point in pressing the accelerator if you have your foot firmly on the brake. So the pandemic was first and foremost a supply shock. There were demand-side spillovers, no doubt about it but it was first and foremost a supply-side shock.
