FICCI: India’s COVID Strategy Paid Off, Economy Set To Bounce Bank

FICCI President Sangeeta Reddy on Sunday said that India’s strategy to deal with pandemic crisis has paid off, and economy is set to bounce back.

Emphasising on strategy, she pointed that, while governments across world has faced dilemma between saving lives against livelihoods, while India was clear since pandemic broke out, imposing a lockdown, then upgrade health infrastructure and safety equipment in mean time.

She also pointed that since on COVID-19 has evolved to give better cures, supplies of PPEs has met demand and death rates also have been contained.

FCCI president said that number of COVID cases reported has contained below 50,000, showing rate of infection is also contained, and India’s recovery rate and case fatality rate are in much better shape compared to other similar countries.

Speaking on Economy she said, it’s clearly time for bold actions on the livelihood front, and the new monetary policies for the government and the regulator will do everything to keep economy afloat.

Pointing at new PMI indices for manufacturing and services, which has recovered at 56.8 and 49.8 respectively for September 2020, she said initial green shoots of economy have already begun.

“These incremental trends are heartening and need to be sustained, and further initiatives like the consumption vouchers must continue to remain focused on demand generation,” Reddy said.

There also has been growth in e-way billing volumes, revenue earning from freight of major commodities, and September GST collections are close to pre-COVID-19 levels for first time.

She added, given the progressive policies brought by government, major infrastructure plans are in place now, all point towards significant headroom for economic growth.

Expressing confidence in entrepreneurs and farmers, she said entrepreneurs pro actively seek an opportunity, the capabilities of working class and the commitment of farmers, its youthful population that seeks better future, will ensure economy will bounce back and emerge stronger from crisis.