India's economy recovered more strongly than it got impacted during pandemic: Modi

13th Sep,2021

India's economy recovered more strongly than it got impacted during pandemic: Modi

Prime Minister Narendra Modi stated on Saturday that India's economy has rebounded more quickly than expected following the COVID-19 outbreak. He said that while the world's major economies were protecting themselves during the epidemic, India was working on reforms. "COVID-19 had an impact on economies all around the world, including India's. However, our economy has rebounded more quickly than it did before the epidemic "Mr. Modi made the remarks when virtually addressing a crowd during the opening of Sardhardham Bhavan in Ahmedabad, a structure dedicated to employment training. "We were implementing changes while the world's major economies were busy defending themselves during the epidemic. When global supply lines were disrupted, we implemented the PLI [production-linked incentive] programme to help India seize new possibilities "Mr. Modi stated the following. This plan has now been extended to the textile industry, he said, adding that the textile industry, as well as towns like Surat, can profit the most from it. Despite a catastrophic second wave of COVID-19, India's economic growth soared to 20.1 percent in the April-June quarter of current fiscal year, boosted by a low base from the previous period, according to statistics issued by the National Statistical Office (NSO) on Tuesday. In the comparable April-June quarter of 2020-21, the gross domestic product (GDP) shrank by 24.4 percent. The PLI plan, which the Centre has launched for ten important industries, including textiles and cars, is aimed at assisting the country's economy in recovering more quickly following the epidemic. Mr. Modi stated, "We should regard ourselves as global economic leaders because in the twenty-first century, India does not lack possibilities to make it large."