Showing confidence in the Indian economy and the recent measures announced by the government, Prime Minister Narendra Modi on Tuesday said that India will be back on its growth track soon, post the severe jolt due to the coronavirus pandemic.
Speaking at a video conference to the industry body CII, the Prime Minister said that he has faith in the technology, innovation and intellect of the country which would help the economy revive.
Noting that strengthening the economy in times of corona is among the government's highest priorities, he said: "Trust me, getting back growth is not that difficult."
Speaking of the Aatmanirbhar Bharat economic package announced by the Finance Minister Nirmala Sitharaman in May to help revive the economy post the corona crisis, he said that the package would work as fuel for the growth of the MSME sector.
He also said that labour reforms are being done to support workers and increase jobs and private participation in strategic sectors is becoming a reality as the government has allowed private players in space and atomic energy research segments.
Modi also said that with the latest decision to amend the APMC Act, the farmers will now be free from the dependence on middle-men and will be able to sell their produce anywhere they want to.
"Post-independence laws made farmers dependent on middle-men. They will now get their rights post amendment to APMC Act."
India's sovereign credit rating has been downgraded to the lowest investment grade level of Baa3 by Moody's Investors Service, now placing it just one notch above a junk rating. In doing so, Moody's has now brought its rating in alignment with those of S&P Global Ratings' and Fitch Ratings'. In a statement, Moody's noted that the decision to downgrade the country's rating came after an evaluation of the government's deteriorating fiscal position, and the shadow banking crisis, both of which were taking place even prior to the coronavirus pandemic.