“ The growth can be back in our country and economy , if we encourage district level growth by at least 3% more than the normal. Countries’ all around the globe have announced huge packages to fight Covid-19 which can be attracted into India provided we offer them the best incentives and ease of doing business. The Government is on tract wrt Modi jis ambition to make India a US$ 5-trillion GDP , but it might be delayed “ said Shri Suresh Prabhu Honorable Former Minister for Commerce and Industry and Indias Sherpa to G 20.
Shri Suresh Prabha was addressing a Webinar on “Impact of COVID-19 on Indian Economy organized by The Federation of Telangana Chambers of Commerce and Industry ( FTCCI) today.
“ Growth will be back. The government is very positive. India is part of G20 which acocunts for 86% of Worlds GDP. The recent invitation from US President Donald Trump to Indian Prome Minister Shri Narendra Modi to attend and be part of G 7 ius a significant step. Mr. Trump wants to expand G7 with 10-11 members. This will give us a chance to expand our economy. The Indian Government has a detailed well laid out plan to achieve 5Tn economy. But due to Covid-19 we might see some delay in reaching there”” Shri Suresh Prabhu added.
Opening the Webinar Mr.Karunendra S Jasti President FTCCI said the Covid-10 has affected the Global Health supply chain and the food supply chain the most. It also provided us with an opportunity to attract huge investments from China and elsewhere strengthen the Make In India initiative.
Shri Jayesh Ranjan , Principal Secretary of the Industries & Commerce (I&C) and Information Technology (IT) Departments of the Telangana government said “ The Government of Telangana was agile and proactive in giving full assistance to Industries in these Covid-19 times. The Government is working hard to restart the economy in the state ensuring safety for all and to make the region an attractive investment destination. The Government interacted with various industries comprehending the issues and challenges and making a road map which will be useful in future for all. Telangana Government will initiate reforms focused mainly on ease of Doing business . The state of Telangana is making self-contained business townships like in China to attract Investments. Pharma City which is coming up on 20000 acres is one among them.”
Professor S Mahendra Dev Former Director Center For Economic and Social Studies ( CESS) said by the end of Covid-19 India will be in the top 2-3 nations in the medium term with a bright future . 91% of the workforce are in the informal sector and of 6 crore MSMEs, 90% are micro enterprises. Reviving the rural economy should be the priority for generating demand