India’s economy recovered strongly from the lows during Covid-19 outbreak: PM Modi

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Prime Minister Narendra Modi said that the economy recovered more strongly from what it had gone down during the Covid-19 outbreak. He said that India was focused on improving its economy when the world leaders were occupied in defending themselves during Covid-19. India was more inclined to work upon reforms to cast out the ill effects of Covid-19 on the economy. During a virtual inauguration of Sardhardham Bhavan, a dedicated building for the training of job aspirants, Modi said that The whole world and global economy were heavily disrupted by Covid-19.

But India’s economy had recovered strongly than it was halted by the Covid-19 outbreak. Modi said that India introduced PLI (production-linked incentive) scheme to turn new opportunities in favour of India at a time when the global supply chains were disrupted. The country was introducing reforms when the whole was the world was busy defending itself, Modi added. Modi said that the government has extended the PLI scheme to the textile sector. The cities like Surat and the whole industry will be able to reap the maximum benefit of the scheme.

The National Statistical Office (NSO) released data that stated that India’s economic growth has increased to 20.1% in the April-June quarter of this fiscal. This was due to the low base period of the earlier year during Covid-19. In the April-June quarter of 2020-21, the gross domestic product (GDP) had contracted by 24.4%. To boost India’s economy and faster recovery from Covid-19, the Centre had announced a PLI scheme announced for 10 key sectors, including textile and automobiles.