India’s strategy of dealing with Covid-19 paid off; economy set to bounce back: FICCI

India’s strategy of dealing with Covid-19 paid off; economy set to bounce back: FICCI

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 noted.

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.

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