Long-term rejuvenation of India’s economy

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Despite the second wave of COVID-19 hurting the Indian economy, Vice President M Venkaiah Naidu said here on Saturday that the Indian economy is firmly on the path to recovery and long-term rejuvenation, backed by a series of timely steps and policy reforms adopted by the Centre.

In the first quarter of FY 2022, the economy increased at a record rate of 20.1 percent, compared to a contraction of 24.4 percent in the same quarter of the previous fiscal. According to him, various studies indicated a solid revival in the industrial and construction sectors.

The agriculture sector, according to Naidu, has been a “constant performer,” with a growth of 4.5 percent in the first quarter compared to 3.5 percent in the same period last year, demonstrating its “resilience.”

“Core sectors like fertilisers, cement, steel, coal, and refinery products have also seen strong growth,” he said at the Hindustan Chamber of Commerce’s platinum jubilee celebrations here.

“We are now on the verge of an economic transformation, and all signs point to a long-term period of prosperity and recovery in the months ahead. “The RBI has maintained its 9.5 percent growth forecast for FY 21-22,” he said.

“The economic situation has been gradually improving thanks to a series of appropriate steps and policy reforms made by the Centre,” Naidu added. Consumer confidence has returned, and market sentiment has shown a good trend, he said, since limitations in many states have been eased.

The economy has the potential to exceed USD 5 trillion in the next years, he added, thanks to strong macroeconomic fundamentals and forward-looking reforms by the Centre, such as GST, opening up of Foreign Direct Investments, and building infrastructure.

“The economic situation has been gradually improving thanks to a series of appropriate steps and policy reforms made by the Centre,” Naidu added.

Consumer confidence has returned, and market sentiment has shown a good trend, he said, since limitations in many states have been eased.

The economy has the potential to exceed USD 5 trillion in the next years, he added, thanks to strong macroeconomic fundamentals and forward-looking reforms by the Centre, such as GST, opening up of Foreign Direct Investments, and building infrastructure.

Tamil Nadu, according to Naidu, is an appealing investment destination because of its stable and investor-friendly administration.

“Tamil Nadu has a long history and a rich cultural heritage. The carbon dating of some of the excavations has shed new light on the Thamirabharani civilization’s age, indicating it to be 3,200 years old. The influence of Tamil Indian culture can also be seen in Cambodia’s Angkor Wat temple, which was built in the early 12th century,” he stated.

While unveiling the findings of a study that pointed to a 3,200-year-old civilization in Tamil Nadu in the assembly on Thursday, the Chief Minister said that the state archaeological department would undertake excavations in countries such as Indonesia and states such as Andhra Pradesh after obtaining proper permission to trace Tamil cultural roots.

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