India to become fastest-growing economy in FY22: Amit Shah at Ficci event

Union Minister of Home Affairs and Cooperation Amit Shah said on Friday that India is likely to become the fastest-growing economy in the world in the current financial year.

“We are reaching the pre-COVID levels. July to September GDP number has been at 8.4 per cent and I think in the year 2021-22, India is likely to become the fastest-growing economy in the world. I will not be surprised if we touch double-digit growth,” Shah said while addressing FICCI’s Annual Convention & 94th Annual General Meeting.

Shah said out of the 22 parameters of the economy, India has exceeded in 19 parameters, and this shows that the country has come out strong from the crisis. “Both manufacturing and service sector index has reached the pre-COVID levels. With the announcements of various packages and relief, our inflation is within the targeted range of 4-6 per cent as set by the government,” he added.

Highlighting the potential of the MSME sector, Shah said that till the time “we encourage and strengthen this sector we cannot address the issue of unemployment in the county”. He also emphasized on the need of spending more in the R & D sector.

The Home Minister pointed out that FICCI’s Annual General Meeting was happening at an important juncture as on the one hand, the world is slowly coming out of COVID and on the other hand, India is celebrating Azadi ka Amrti Mahostav. The time has come for FICCI to come forward and increase its role in India’s growth along with exploring new areas of opportunities, he noted.

He further emphasised on the need for FICCI to identify, collaborate and prepare a roadmap of potential sectors for next 25 years when India will celebrate its 100 years of Independence. The vision of Atmanirbhar Bharat can be achieved when organisations like FICCI come forward and work with the government on various policies and prepare a roadmap on boosting the Indian economy in the next 25 years, he added.

Uday Shankar, President, FICCI said that the all-round development initiatives of the government are transforming India and each step is bringing us closer to AtmaNirbhar Bharat. “Harnessing technology for greater transparency, improved competitiveness, and enhanced efficiency have been the hallmark of multiple reforms we have seen over the last seven years,” he added.

Sanjiv Mehta, President-Elect, FICCI said that this epidemic has accelerated the nation’s digital journey and provided the much-needed impetus. “We should protect privacy but we should free data as a national asset,” he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Union Minister of Home Affairs and Cooperation Amit Shah said on Friday that India is likely to become the fastest-growing economy in the world in the current financial year.

“We are reaching the pre-COVID levels. July to September GDP number has been at 8.4 per cent and I think in the year 2021-22, India is likely to become the fastest-growing economy in the world. I will not be surprised if we touch double-digit growth,” Shah said while addressing FICCI’s Annual Convention & 94th Annual General Meeting.

Shah said out of the 22 parameters of the economy, India has exceeded in 19 parameters, and this shows that the country has come out strong from the crisis. “Both manufacturing and service sector index has reached the pre-COVID levels. With the announcements of various packages and relief, our inflation is within the targeted range of 4-6 per cent as set by the government,” he added.

Highlighting the potential of the MSME sector, Shah said that till the time “we encourage and strengthen this sector we cannot address the issue of unemployment in the county”. He also emphasized on the need of spending more in the R & D sector.

The Home Minister pointed out that FICCI’s Annual General Meeting was happening at an important juncture as on the one hand, the world is slowly coming out of COVID and on the other hand, India is celebrating Azadi ka Amrti Mahostav. The time has come for FICCI to come forward and increase its role in India’s growth along with exploring new areas of opportunities, he noted.

He further emphasised on the need for FICCI to identify, collaborate and prepare a roadmap of potential sectors for next 25 years when India will celebrate its 100 years of Independence. The vision of Atmanirbhar Bharat can be achieved when organisations like FICCI come forward and work with the government on various policies and prepare a roadmap on boosting the Indian economy in the next 25 years, he added.

Uday Shankar, President, FICCI said that the all-round development initiatives of the government are transforming India and each step is bringing us closer to AtmaNirbhar Bharat. “Harnessing technology for greater transparency, improved competitiveness, and enhanced efficiency have been the hallmark of multiple reforms we have seen over the last seven years,” he added.

Sanjiv Mehta, President-Elect, FICCI said that this epidemic has accelerated the nation’s digital journey and provided the much-needed impetus. “We should protect privacy but we should free data as a national asset,” he added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor