FROM ADITYA RAJ DAS
Senior Economic Journalist
Amidst the devastating impact of COVID 19 pandemic on wide spectrum of global economic fabric a resurgent India is increasingly taking on the responsibility of being the front runner in reviving the global economy.
Setting the tone for Indian economy to play a vital role in the arena of global economy the Prime Minister Narendra Modi has made a significant statement stating “Today’s India is one of the most open countries in the world and it offers maximum growth.”
In his video message at the inauguration of Indian Pavilion at EXPO 2020 Dubai Modi virtually launched a campaign to position India as a go-go destination for investment and business.
Making a clarion call to foreign investors Modi noted “Today India is a land of opportunities. Be it in the field of arts or commerce, industry or academics…Come to India and be a part of our growth. Growth in scale, growth in results. Come to India and be a part of our growth story..”
India’s growing optimism to play a lead role in revival of global economy stems from its inherent strength to overcome any economic adversely and it’s capability to boost growth momentum.
At this juncture when the ongoing COVID pandemic is having an adverse effect on the global economy across there is now growing optimism over the revival in the growth momentum of the Indian economy.
The robuat assessment of the resurgence of growth momentum of the Indian economy has come from no less a body than the International Monetary Fund (IMF).
The IMF has raised India’s growth projection for 2021-22 to 12.5 per cent from its January estimate of 11.5 per cent making it the fastest-growing economy in the world.
The World Bank had recently forecast the Indian economy to grow in the 7.5 per cent to 12.5 per cent range in in 2021-22, given the significant uncertainty at this stage about both epidemiological and policy developments. It had also stated that Bank expects India’s economy to grow more than 10.1 per cent in the 2021-22– a sharp upward revision of 4.7 per centage points from its January 2021 forecast.
Keeping in tune with assessment of the world’s two top economic bodies– the World Bank and IMF– the RBI has come out with a 10.5 per cent GDP growth projection for 2021-22.
Most economists are of the view that the country is better prepared to deal with the impact of pandemic with the vaccination progressing at a brisk rate.
Equipped with surge in growth momentum India is now increasingly stepping up its ongoing reforms in wide spectrum of economy to boost its export as well as attract potential foreign investors.
As Commece and Industry Minister Piyush says the pandemic could not stop the momentum of reforms initiated by the Modi Government. The fiscal and policy measures taken by the government are set to boost the country’s manufacturing and export potential and make India a global economic hub, besides strengthening its capabilities in the technology space.
Goyal asserts the exports are on course to reach the 400 billion dollar target this year and a series of measures announced in recent months will pave the way for stronger growth.
It is being increasingly felt that the ongoing COVID pandemic will ultimately fade out. The growing surge in the growth momentum of the Indian economy will only gather further speed with the Indian government embarking on pursuit of necessary and innovative policy initiatives in the wide spectrum of the economy to boost the overall GDP growth.
Ultimately a robust growth momentum of Indian economy will have a soothing effect on the global economy.