Indian economy getting back on track faster than expected: PM

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Prime Minister Narendra Modi said Indian economy is getting back on track faster than expected and the recent reforms are signal to the world that new India believes in markets and market forces. Mr. Modi expressed confidence that recent labour reforms undertaken by the government will help in increasing the growth rate and returns in both the manufacturing and agriculture sectors.

In an interview to an English Daily, Mr Modi said, the government has laid strong foundations to make India the foremost manufacturing destination and it will continue its reforms. He added that according to Moody’s, 154 greenfield projects from the US have come to India in 2020, compared to 86 in China, 12 in Vietnam and 15 in Malaysia. This is a clear indication of global confidence in India’s growth story going forward.

Prime Minister also said the corporate tax cut, introduction of commercial mining in coal sector, opening up of space sector for private investment and lifting defence restrictions on air routes for civil aviation use, are some of the steps that will go a long way in boosting growth. He said the big push to investment and infrastructure should become the driving force for recovery and growth. Mr. Modi asserted that government will take all measures to constantly stimulate the economy while ensuring overall macro-economic stability. Prime Minister Modi said he is still optimistic of achieving the target of five trillion dollar economy by 2024 despite COVID-19.

Mr Modi said, India has taken a science-driven approach in response to COVID-19 pandemic. The pro-active measures taken in the early stages of the virus has helped government to prepare the defence against the pandemic and India has the lowest Covid-19 mortality rates in the world. Prime Minister Modi said, the country’s recovery rate continues to be high and the active cases are significantly falling.

The Prime Minister said, the pandemic has affected 130 crore people and both the government and the citizenry are working together to combat it. He, however, added that the virus is still out there. The country’s response should be focused on increasing capabilities to handle the situation, make people more aware, create more facilities in keeping with the dictum hope for the best but prepare for the worst. He added that the country should use this phase of slowing down of cases not to celebrate, but further strengthen its resolve, behaviour and systems. Mr. Modi also assured the nation that as and when a vaccine becomes available everyone will be vaccinated and none will be left behind.

The Prime Minister also talked about various measures taken by the government during this COVID period like PM Garib Kalyan package, distribution of free foodgrain and Shramik Special trains adding that free foodgrain and pulses to 800 million people for eight months is a programme without parallel in human history.

He said, the NDA government has a track record of meeting the targets. Mr Modi said, government met the rural sanitation target and the village electrification target before the deadline. Eight crore Ujjwala connections were also provided to the people well before the deadline.