India's economy recovered quickly after tough phase of COVID pandemic: Modi

SURAT: Prime Minister Narendra Modi said on Friday that the recovery of India's economy after the difficult phase of coronavirus pandemic has been robust. While addressing a virtual groundbreaking ceremony of a boys' hostel here, Prime Minister Narendra Modi said, "After the difficult phase of the coronavirus pandemic, the Indian economy has recovered very fast. The world is hopeful about India because of this recovery." PM added that an international organisation had recently said that India is once again on its way to becoming the fastest growing economy of the world.

Prime Minter was particularly referring to International Monetary Fund's (IMF) report 'Recovery During a Pandemic Health Concerns, Supply Disruptions and Price Pressures', which made a projection that India will grow at 9.5 per cent in the current fiscal. As per the International Monetary Fund projection, India will be the fastest-growing economy among big countries of the world.

Meanwhile, Finance Minister Sitharaman has said that the country's pandemic response has focused on the twin goals of saving both lives and livelihoods. "India has played a major role and truly 'walked the talk' on the global COVID-19 effort. India's massive Vaccine Maitri program, under which more than 66.3 million doses of COVID vaccines were exported to 95 countries worldwide bears special mention. India is all set to resume vaccine export in October 2021.

According to the IMF’s World Economic Outlook, India is estimated to be the fastest-growing major economy in 2021, projected to grow at 9.5 percent in 2021 and 8.5 percent in 2022.

 

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