Economy Recovery Quicker Than Damage Due To Covid-19: PM Modi

Prime Minister (PM) Narendra Modi acknowledged the Covid-19 pandemic’s impact on the country but asserted that the recovery has been quicker than the damage.

Inaugurating the Sardardham Bhavan in Ahmedabad, PM Modi cited the example of the production-linked incentive (PLI) scheme to explain that India was in reform mode at a time when big economies were acting defensively.

He further added that the PLI initiative started for textiles will greatly benefit certain cities like Surat.

The PM asserted that there was a need for the country to look at itself as a global economic leader in the ongoing century.

“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,” the 70-year-old further added.

India’s GDP grew at a 20.1 per cent on an year-on-year basis in the April-June quarter of the current fiscal. Similarly, the industrial output in July 2021 was nearly back to pre-Covid levels as it showed an annual growth of 11.5 per cent.