Indian economy witnessing robust recovery: Piyush Goyal

Union Minister Piyush Goyal has said that the Indian economy is witnessing a robust recovery and is on track to surpass pre-COVID-19 levels.

The Minister for Commerce and Industry, Consumer Affairs while the review meeting with Industry Associations over the present and future challenges because of COVID-19 pandemic, said, “The second wave of COVID-19 has been difficult for all of us. It is the pro-active role of the industries, resilience and commitment that will ensure our comeback with greater strength. Our economy will bounce back soon post-COVID successfully.”

“Indian economy is witnessing a robust recovery and is on track to surpass pre-COVID-19 levels. The FDI during the COVID-19 period has been the highest ever, as we have FDI of USD 81.72 billion in Financial Year 2020-21, more than 10 per cent than FY 2019-20 There was a Record Freight loading as Railways loaded highest ever freight of 114.8 MT in May 2021 which is 9.7 per cent higher than previous best of 104.6 MT in May 2019. Since last 9 months, Railways is continuously loading highest ever freight in respective months,” Goyal who is Minister of Railway said.

Speaking about the rebound of foreign Trade, he said, “The exports in April 2021 have surpassed the pre-COVID-19 figures. Merchandise exports in April 2021 were USD 30.63 bn. Even during May 2021, when the daily active cases were peaking in the country, the Exports did very well.”

The Union Minister said that in the recent past, due to the rapid rise in COVID-19 cases, industrial production was severely impacted due to lockdowns, non-availability of oxygen, migration of workers, and the spread of the Coronavirus amongst the workforce.

“It is expected from industry associations to draw upon the lessons learned from past experiences to meet the present and future challenges. We should focus on learning to build resilience for future outbreaks by building Adequate Health facilities,” the Minister said.

The Union Minister called upon the Industry Associations to help the children impacted by the COVID-19.

“We should find an equitable balance between the lives and livelihoods. We should find an equitable balance between the lives and livelihoods,” he added.

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