PM Modi said that the Covid-19 pandemic affected the country, but the recovery has been faster than the damage. “Covid-19 affected economies of the entire world, including that of India. But our economy has recovered strongly,” Modi said at the inauguration of the Sardardham Bhavan in Ahmedabad. The PM said India was in reform mode when big economies were defensive. “When global supply chains were being disrupted, we were launching PLI (production linked incentive) schemes to turn the tide in India’s favour,” said the PM. He said the recently launched PLI in textiles would hugely benefit cities such as Surat.
The economy continues to recover from the Covid-19 pandemic.
The latest data showed the economy has continued to recover from the Covid-19 pandemic as curbs have been lifted across the country. The economy grew 20.1% in the April-June quarter of the current fiscal year that ends in March, and several vital indicators point to a robust recovery in the quarters ahead. Data released on Friday showed that industrial output in July was almost back to pre-Covid levels with an annual rise of 11.5%. The Union Cabinet has approved a Rs 10,683 crore PLI scheme for the textile sector, and the government hopes to garner significant investments in the industry and create new jobs. The PLI scheme, which covers ten sectors, including textiles and automobiles, aims to attract investments, create jobs, and boost economic growth besides aiding the economic recovery underway.
We should look upon ourselves as a global economic leader in the 21st century. India does not have a scarcity of opportunities to make it big,” said the PM. Experts say the economy is on course to achieve double-digit expansion in 2021-22. The finance ministry has said that rapidly increasing vaccination coverage and richer experience with pandemic management provide the confidence that the recovery can be continued even in a third wave.