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Despite Covid 19, India managed to bring in reforms: Niti Aayog CEO

Indian economy on its way to recovery

Even as Covid-19 dealt a huge blow to the world, India used the opportunity to undertake bold and ambitious structural reforms while leveraging them to put the country on a high growth trajectory, Niti Aayog CEO Amitabh Kant said, adding that the country’s macro economic fundamentals continued to remain strong.

 Addressing the webinar ‘Enabling MSME Growth through Financial Inclusion’, organized by FICCI-CMSME and Facebook, Kant said that digital transformation will drive India’s manufacturing sector forward. “We have an opportunity to usher in change that will see our society transform within a generation. Despite the impact of the pandemic, India’s macro-economic fundamentals remain strong,” he said.

According to mist ratings agencies India’s growth rate is expected to be between 9.5 – 11 per cent in the current financial year. “Early signs signal towards a strong recovery,” he added.

Also read: India @75 to shift gears to achieve $ 5 trillion economy

MSMEs, Kant pointed out will play a significant role in reviving India’s economic growth and in achieving the vision of a self-reliant India.

“There is a need for the Indian MSMEs to enhance their capabilities to supply quality products at competitive price, embracing technological solutions across the supply chain is an imperative in addressing quality concerns and improving cost competitiveness,” he said.

For economic activities to pick up, India needs to avert a third wave, even as Finance Minister Nirmala Sitharaman announced a massive Rs 6.29 lakh crore stimulus package with the aim to revive the economy and help the country fight against the deadly pandemic.