New Delhi: – The Minister of State for Finance, Anurag Thakur, said it is clearly visible that the Indian economy is rising again, leaving the Coronavirus crisis behind. In February, foreign institutional investment in the country stood at around Rs 25,787 crore. Citing this, the Minister of State for Finance expressed confidence that the country’s economy is coming back on track.
Claims are being made that the country’s economy is poised for a big leap following the ‘V’ Shape crisis due to Coronavirus. In particular, the GST revenue from the last three months is a clear indication that the economy is coming back on track. At the same time, confidence has been expressed by foreign investors in India, and this is having a very positive effect on the country’s economy. Reports have been published that India has surpassed Russia in the list of countries having the highest foreign exchange reserves.
In February, the foreign institutional investment reached Rs 25,787 crore. At the same time, the country’s foreign exchange reserves reached Rs 590 billion. Saying that these are clear indicators of the Indian economy bouncing back, Anurag Thakur expressed satisfaction over it. Meanwhile, Amitabh Kant, Chief Executive Officer of the NITI Aayog, said that the country is making progress at a satisfactory speed while addressing a function in Jaipur.
Amitabh Kant added that now the challenge faced by India will be to maintain the growth rate and take the graph of economic growth to new heights. The global growth rate was minus 3.5% in the year 2020. Kant informed that this year, this growth rate would be 5.5%. But the international financial institutions are predicting that the Indian growth rate will be twice the global rate. At the same time, there are reports that many multinational companies are getting out of China, which is known as the factory of the world, and are getting attracted towards India. There are indications that this will greatly benefit the Indian economy.
Along with Japan and Australia, who are at loggerheads with China on many issues, the European countries also have realised that they cannot depend on China for the global supply chain. India has the necessary capability to take over this status, and Japan and Australia have made preparations to help India achieving it. Both these countries seem to be preparing to collaborate with India using the QUAD platform. India can majorly benefit in the future due to this.