Prime Minister Narendra Modi on Saturday 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.
PM stated that India was in reform mode when big economies were in a defensive mode. “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 will hugely benefit cities such as Surat.
“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.
According to the latest data, economy has continued to recover from the 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 key 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%.
As per experts, the economy is on course to achieve double-digit expansion in 2021-22 and 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 the event of a third wave.
Meanwhile, the Union cabinet recently approved a Rs 10,683 crore PLI scheme for the textile sector and the government hopes to garner significant investments in the sector and create fresh jobs. The PLI scheme which covers 10 sectors, including textiles and automobiles, is aimed at attracting investments, creating jobs and boosting economic growth besides in aiding the economic recovery under way.