Recounting the steps initiated by the Indian government to revive the country's economy, Prime Minister Narendra Modi on Thursday announced that the South Asian nation would be laying out the red carpet for global investors in the post-COVID-19 world
“In these times, it is natural to talk about revival. It is equally natural to link global revival and India. There is faith that the story of global revival will have India playing a leading role,” said Modi while addressing the inaugural of Global Week 2020 on Thursday.
Modi spoke of two factors that would mean that India makes an impact in the post-pandemic world - the country’s tech industry and tech professionals and the ability to reform and rejuvenate.
“Who can forget the Indian tech industry and tech professionals? They have been showing the way for decades. India is a power-house of talent that is eager to contribute,” said Modi. “The second factor is India's ability to reform and rejuvenate. Indians are natural reformers. History has shown that India has overcome every challenge, be it social or economic.”
He said that India’s economic revival is evident through its already visible visible green shoots of recovery and the fact that India is a most open economy.
"Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green shoots when it comes to economic recovery,” he added.
The COVID-19 pandemic has dented the Indian economy, which had already been slowing since early 2018. From a high of over 8 percent in early 2018, the growth rate dipped to 3.1 percent during January - March 2020. The easing out of lockdown restrictions has come as a much-needed relief to large and small businesses. According to a Reuters poll, analysts believe that India's consumer price inflation likely eased in June compared with March due to the economic recovery.