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As GDP Contracts, Union Minister Says Indian Economy Is Witnessing Robust Recovery
Writer: Anchal Rana
I am a history enthusiast. I like star-gazing, mountains, reverie and my headspace. Unabashedly an anime lover. I don’t read but write poetry. Books are a relief. Curious to learn the unknown. Prefer the countryside and tea. Above all an aesthete.
India, 2 Jun 2021 3:18 PM GMT
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A mountain girl trying to make it big in the city. She loves to travel and explore and hence keen on doing on-ground stories. Giving the crux of the matter through her editing skills is her way to pay back the journalism its due credit.
Creatives : Anchal Rana
I am a history enthusiast. I like star-gazing, mountains, reverie and my headspace. Unabashedly an anime lover. I don’t read but write poetry. Books are a relief. Curious to learn the unknown. Prefer the countryside and tea. Above all an aesthete.
Piyush Goyal's comments come in the backdrop of the Indian government releasing its latest estimates of economic growth for the last financial year that ended in March 2021. India’s Gross Domestic Product (GDP) contracted by 7.3% in 2020-21.
Union Minister Piyush Goyal said that the Indian economy is experiencing a strong revival and is on a trajectory to exceed pre-COVID-19 levels. The minister in a review meeting along with Industry Associations regarding the present and future hurdles owing to the COVID-19 pandemic, said, "The second wave of COVID-19 has been difficult for all of us. It is the pro-active role of the industries, resilience, and commitment that will ensure our comeback with greater strength. Our economy will bounce back soon post-COVID successfully."
"Indian economy is witnessing a robust recovery and is on track to surpass pre-COVID 19 levels. The FDI during the COVID-19 period has been the highest ever, as we have an FDI of USD 81.72 billion in Financial Year 2020-21, more than 10 percent than FY 2019-20. There was a Record Freight loading as Railways loaded the highest ever freight of 114.8 MT in May 2021 which is 9.7 percent higher than the previous best of 104.6 MT in May 2019. Since last 9 months, Railways is continuously loading highest ever freight in respective months," Goyal who is Minister of Railway said reported ANI.
On the issue of the rebound of foreign Trade, he stated, "The exports in April 2021 have surpassed the pre-COVID-19 figures Merchandise exports in April 2021 were USD 30.63bn. Even during May 2021, when the daily active cases were peaking in the country, the Exports did very well."
According to the minister, industrial productivity has been seriously hampered in the recent past as a result of lockdowns, a lack of oxygen, worker migration, and the transmission of the coronavirus among the workforce due to the rapid spike in COVID-19 cases.come
"It is expected from industry associations to draw upon the lessons learned from past experiences to meet the present and future challenges. We should focus on learning to build resilience for future outbreaks by building Adequate Health facilities," said Goyal.
"We should find an equitable balance between the lives and livelihoods. We should find an equitable balance between the lives and livelihoods," he added.
The minister's comments come in the backdrop of the Indian government releasing its latest estimates of economic growth for the last financial year that ended in March 2021. India's Gross Domestic Product (GDP) contracted by 7.3% in 2020-21.
Also Read: First Time In 40 Years, Indian Economy Contracts By 7.3%
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