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.

“When global supply chains were being disrupted, we were launching PLI (production linked incentive) schemes to turn the tide in India’s favour,” PM Modi was quoted in a report by the Times of India.

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.