Indian economy rapidly recovering from pandemic-induced downturn: Foreign Secretary
Foreign Secretary Harsh Vardhan Shringla has said that the Indian economy is rapidly recovering from the pandemic-induced downturn and is returning to its trajectory of rapid growth. He noted that the economic shock of the pandemic was countered by a massive fiscal and monetary support package. He also said liquidity was injected into the system through a stimulus package amounting to $408.7 billion and this is equivalent to about 15 per cent of India's GDP making it among the largest economic packages in the world.
Shringla has stated that India's trade figures are promising and that the total foreign direct investment the country received in the current financial year stood at $81.72 billion, the highest ever. He also said an ambitious target of $400 billion of exports has been set for the year 2021-22 and an unprecedented push has been given to negotiating trade pacts with various countries. He added that trade agreements are currently being negotiated with the United Arab Emirates, the UK, the European Union, Israel and several other countries.
Listing various measures to boost economic growth, Foreign Secretary said private sector participation has been given a big push in eight areas: coal, minerals, defence production, civil aviation, power distribution, social infrastructure, space and atomic energy.
