“When the world’s major economies were busy defending themselves during the pandemic, we were leading reforms.”
Posted 11.09.21, 15:38 PM
Prime Minister Narendra Modi said on Saturday that the Indian economy has recovered more sharply from the impact it has suffered due to the Covid-19 outbreak.
He said that when the world’s major economies were busy defending themselves during the pandemic, India was engaged in reforms.
“Covid-19 has affected economies around the world, including India’s. But our economy has recovered more strongly than it was stopped by the pandemic,” Modi said, virtually addressing himself at a rally after inaugurating here Sardhardham Bhavan, a complex to provide training to job applicants.
“When the world’s major economies were busy defending themselves during the pandemic, we were leading reforms. When global supply chains were disrupted, we introduced the production-linked incentive (PLI) program to transform new opportunities in favor of India, ”says Modi.
This program has now been extended to the textile sector, he said, adding that the textile sector and cities like Surat can get the most out of the program.
According to data released by the National Statistical Office (NSO) on Tuesday, India’s economic growth jumped to 20.1 percent in the April-June quarter of this fiscal year, helped by a weak period base of the previous year, despite a devastating second wave of Covid-19. Gross domestic product (GDP) contracted 24.4% in the corresponding quarter from April to June 2020-21.
The PLI program announced for 10 key sectors, including textiles and automobiles by the Center, aims to help the country’s economy recover more quickly after the pandemic.
“We have to see ourselves as the world’s economic leader because in the 21st century India has no dearth of opportunities to be successful,” Modi said.
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