PM Modi claims that the economy will recover faster than the damage caused by Covid-19

PM Modi

PM Modi

NEW DELHI: Prime Minister Narendra Modi said on Saturday that the Covid-19 pandemic has damaged the country, but that the country had recovered faster than the damage. “Covid-19 affected economies of the entire world, including that of India. But our economy has recovered strongly,”  Modi remarked at the Sardardham Bhavan's opening in Ahmedabad. The Prime Minister stated that India was reforming at a time when the world's major economies were on the defensive.

“When global supply chains were being disrupted, we were launching PLI (production linked incentive) schemes to turn the tide in India’s favour,” the Prime Minister remarked. He believes that the recently introduced PLI in textiles will be extremely beneficial to towns like Surat.The economy has continued to recover from the pandemic, according to recent data, as restrictions have been loosened around the country.

The economy expanded by 20.1 percent in the April-June quarter of the current fiscal year, which ends in March, and several major indications point to a strong recovery in the coming quarters. Industrial output in July was virtually back to pre-Covid levels, according to data released on Friday, with an annual increase of 11.5 percent.

The Union cabinet has approved a PLI programme for the textile sector worth Rs 10,683 crore, with the government hoping to attract large investments and create new jobs.The PLI scheme, which includes ten industries including textiles and autos, aims to attract investments, create jobs, and increase economic growth in addition to assisting the ongoing economic recovery.

“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,” said the PM.Experts predict that the economy would grow by double digits in 2021-22, and the finance ministry has stated that rapidly expanding vaccine coverage and increased pandemic management experience give them confidence that the recovery will continue even if a third wave occurs.The PM stated that the newly launched hostel facility will assist many girls in coming forward.

He claims that the cutting-edge structure, girls' hostel, and contemporary library will empower the youth. The Prime Minister stated that ongoing efforts are being made to bring those elements of society who have been left behind forward. On the one hand, he continued, work is being done to protect the rights of Dalits and the socially backward, while on the other hand, people who are economically backward have been given a 10% reservation.

According to him, these initiatives are instilling a new sense of trust in societyAccording to Modi, the National Education Policy will equip students for market-demanded skills. He also stated that the country's "Skill India Mission" is a top focus.

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