But the underlying point is that economic growth—or the growth recovery process—is contingent on containing the spread of the disease.
Kant also pointed out that India is the vaccine capital of the world, as the country makes 70 per cent of the world's vaccine.
Although the global economy is growing again after a 4.3 per cent contraction in 2020, the pandemic has caused a heavy toll of deaths and illness, and plunged millions into poverty.
Kumar while addressing a virtual event organised by industry body FICCI further said India is committed to the global economy and opening trade order.
While there has been some improvement, downside risks remain high, Georgieva said in a video-conference speech to the London School of Economics.
Organization for Economic Cooperation and Development said that the world's gross domestic product is projected to decline by 4.5% this year - less than the 6% plunge it had predicted in June.
Fitch now expects the global GDP to fall by 4.4 per cent in 2020, less than 4.6 per cent contraction it projected in June.
The only exception is China, where the coronavirus originated, which largely halted the spread of the virus and reopen factories, thus avoiding a recession.
Australia's central bank chief Wednesday slammed Donald Trump's decision to levy steel tariffs as 'bad policy' and warned of 'a very big shock' to the global economy if it sparks retaliation.
The Reserve Bank of India kept its repo rate at 6.25 percent for a third consecutive policy meeting on Thursday.