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India’s economy is set to bounce back and emerge stronger: says FICCI President

India’s economy is set to bounce back and emerge stronger: says FICCI President


New Delhi: The Federation of Indian Chambers of Commerce & Industry (FICCI) President Sangita Reddy on Sunday said that “India’s economy is set to bounce back and it is emerging stronger. India’s strategy to deal with Coronavirus has paid off.”

“It was time to take bold actions and push the growth agenda vigorously,” Reddy added

As India fights coronavirus pandemic – Reddy said that “The dilemma for governments across the world was creating a balance between protecting lives and livelihoods. India took the path of a strict lockdown to ramp up health infrastructure and focused on human lives. This strategy has paid off,”

On Covid-19 spread in India – she observed that science evolved to give better cures, medical infrastructure was created, supplies like PPEs ramped up and our death rate has been contained.

“It’s clearly time for bold actions on the livelihood front. The recent monetary policy assures that the government and the regulator will do everything it takes to keep the economy afloat. Let us start pushing our growth agenda vigorously. As we can see the initial green shoots of recovery have begun,” said Reddy.

Sangita Reddy had noted that the PMI for manufacturing and services has recovered to 56.8 and 49.8, respectively in September 2020.

Apart from this she elaborated about increase in e-way to pay bill payment, positive growth in export and most significantly increase in the GST collection in the month of September.

“These incremental trends are heartening and need to be sustained, and further initiatives like the consumption vouchers must continue to remain focused on demand generation,” Reddy said.

On the economic strength of India she said that India’s inherent economic strengths and resilience remain intact.

“Given the progressive policies introduced by the government, major infrastructure development plans in place, large consumer market, all point towards significant headroom for growth,” Reddy said.

On the entrepreneurs in India – Sangita highlighted that the vibrancy of entrepreneurs in the nation are always able to spot an opportunity and move proactively. the capabilities and diligence of its working class, the commitment of its farmers and energy of its youthful population that seeks a better future, expressing confidence that the country is capable of bouncing back and emerging stronger from this crisis…

Graph of decreasing coronavirus cases in India – she stated that the rate of spread of infection is being contained. Our recovery rate and case fatality ratio are much better compared to similar ratios for many other countries.