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Economy is on path to recovery, says PM Modi; lists 5 top indicators

PM Modi says India has emerged as a friendly country in terms of investment, which is evident in foreign direct investment numbers; India has made steady recovery in manufacturing too, he adds

twitter-logoBusinessToday.In | October 29, 2020 | Updated 13:29 IST
Economy is on path to recovery, says PM Modi; lists 5 top indicators
Prime Minister Narendra Modi

Prime Minister Narendra Modi has identified five indicators that will ensure the Indian economy stays on the revival path. He said the five indicators (agriculture, FDI, automobiles, manufacturing, and EPFO) have bounced back despite the COVID-19 hitting the Indian economy hard.

Modi said the country is proud of its farmers who had broken all records despite COVID-19 pandemic. He added the government has also done record procurement by offering the highest MSP to farmers.

"These two factors - record production and record purchase - are going to inject significant income in the rural economy which will have its own virtuous cycle of demand generation," he said.

Also read: India can still be $5 trillion economy, says PM Modi

The PM said India has emerged as a friendly country in terms of investment, which was evident in foreign direct investment numbers.

"This year, despite the pandemic, we received the highest ever FDI of $35.73 billion for April-August. This is 13% higher than the same period last year, which was also a record year," he said.

He added that auto and tractor sales had also bounced back, while touching or surpassing the last year's levels. This shows that there's huge demand in the economy, he said.

He said India has made steady recovery in manufacturing, which has moved it two notches up in the list of key emerging markets, behind China and Brazil.

The PM also said the latest EPFO numbers of August were indicative of the fact that the job market is picking up. The EPFO data for August showed a 34 per cent rise in monthly addition of new subscribers.

Besides, Prime Minister Narendra Modi has said he's optimistic about achieving the $5 trillion dollar economy target by 2024. The Prime Minister said his government has a record of achieving targets well before the deadline and this target will also be achieved.

Also read: Coronavirus vaccine will be ready for public use by December: Adar Poonawalla

Also read: India's $5 trillion dream is attainable if economy grows at this rate

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