Amitabh Kant said this crisis is going to have huge losers and winners, therefore, India can decide whether it wants to lose or win.
India’s economy will soon bounce back as the green shoots of revival are now visible across key sectors. The growth in the FMCG sector has already revived, said Niti Aayog CEO Amitabh Kant at ‘FICCI FRAMES 2020’ today. Amitabh Kant added that the pandemic is a massive challenge for the whole world, not only for India. Highlighting the opportunity created by the ongoing pandemic, he further said this crisis is going to have huge losers and winners, therefore, India can decide whether it wants to lose or win. Listing out the scope in data, artificial intelligence, genomics, mobility, and the creative industry, the Niti Aayog CEO also said that the country should select 12-13 areas of growth that can make India a global champion.
Speaking about Prime Minister Narendra Modi’s Atma Nirbhar Bharat initiative, Amitabh Kant clarified that it is not about protectionism, isolation, and anti-globalisation. Instead, the self-reliant mission is about getting the best from the world and creating world-class products. He added that the self-reliant India campaign will help Indian companies to create world-class products, capture the Indian market, and use the strength of the domestic market to penetrate the global market.
Meanwhile, in the macroeconomic report for the month of June, the government has also mentioned that India has flattened the Covid-19 curve to a great extent with early containment measures. The report further said that the green shoots have emerged after restrictions were lifted.
The Finance Ministry has said that the green shoots have a conducive policy environment to grow further and nudge the economy early on the path of economic recovery and growth. Indicating towards electricity and fuel consumption, inter and intra-state movement of goods, and retail financial transactions, the FinMin added that the real activity indicators have picked up. The government pointed towards the rise in e-way bills, increased railway freight, toll collection on highways, improvement in purchasing managers’ indices, and the rebound in goods and services tax collections as the signs of economic revival.