Indian Economy to Bounce Back & Emerge Stronger Post COVID - FICCI
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“It’s clearly time for bold actions on the livelihood front. The recent monetary policy assures that the government and the regulator will do everything it takes to keep the economy afloat. Let us start pushing our growth agenda vigorously,” said Sangita. “As we can see the initial green
India took the path of a strict lockdown to ramp up health infrastructure and focused on human lives
shoots of recovery have begun,” she added. Reddy noted that the PMI for manufacturing and services has recovered to 56.8 and 49.8, respectively in September 2020. Besides, there has been a pick-up in e-way bill volumes, improvement in revenue earning freight traffic of major commodities, positive growth in exports and most significantly increase in the September GST collections to almost pre-COVID-19 level. “Our health data points to a healthier destiny. Yet we must continue to educate on prevention and stay vigilant while gearing up for the vaccine,” she contended.
“These incremental trends are heartening and need to be sustained, and further initiatives like the consumption vouchers must continue to remain focused on demand generation,” stated Sangita. She further added “Given the progressive policies introduced by government, major infrastructure development plans in place, large consumer market, all point towards significant headroom for growth”. She highlighted the vibrancy of Indian entrepreneurs who are always able to spot an opportunity and move proactively, the capabilities and diligence of its working class, the commitment of its farmers and energy of its youthful population that seeks a better future, expressing confidence that the country is capable to bounce back and emerge stronger from this crisis.