New Delhi: India's strategy of
dealing with the Covid crisis has paid off and the country's economy is set to
bounce back and emerge stronger, FICCI (Federation of Indian Chambers of
Commerce and Industry) President Sangita Reddy has said.
“The dilemma for governments across
the world was creating a balance between protecting lives and livelihoods. India
took the path of a strict lock-down to ramp up health infrastructure and focused
on human lives. This strategy has paid off. Science evolved to give better
cures, medical infrastructure was created, supplies like PPEs ramped up and our
death rate has been contained,” Dr Reddy said.
The number of new reported cases has
fallen below 50,000, an indication that the rate of spread of infection is
being contained. India’s recovery rate and case fatality ratio are much better
compared to similar ratios for many other countries.
“It's clearly time for bold actions
on the livelihood front. The recent monetary policy assures that the government
and the regulator will do everything it takes to keep the economy afloat. Let
us start pushing our growth agenda vigorously,” she added.
The initial green shoots of recovery have
already begun. The PMI for Manufacturing and Services has recovered to 56.8 and
49.8 respectively in September 2020. There has been a pick-up in e-way bill
volumes, improvement in revenue earning freight traffic of major commodities;
positive growth in exports and most significantly increase in the September GST
collections to almost pre-Covid-19 level.
“These incremental trends are
heartening and need to be sustained, and further initiatives like the
consumption vouchers must continue to remain focused on demand generation,” she
Reddy asserted that India's inherent
economic strengths and resilience remain intact.
“Given the progressive policies introduced by government, major infrastructure development plans in place, large consumer market; all point towards significant headroom for growth. Also significant are vibrancy of our entrepreneurs who are always able to spot an opportunity and move proactively, the capabilities and diligence of our working class, the commitment of our farmers and energy of our youthful population that seeks a better future, India is capable to bounce back and emerge stronger from this crisis,” she observed.