“We have reached the pre-Kwid level. The GDP growth from July to September was 8.4 percent and I think in 2021-22, India could become the fastest growing economy in the world. I would not be surprised if we touch double-digit growth,” Shah said. Speaking at the FICCI Annual Conference and the 94th Annual General Meeting.
Shah said that out of 22 parameters of the economy, India has surpassed 19 parameters and it shows that the country has become stronger since the crisis. “Both manufacturing and services sector indicators have reached pre-quaid levels. Through various packages and relief announcements, our inflation is within the 4-6 per cent target set by the government,” he added.
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Highlighting the potential of the MSME sector, Shah said, “Unless we encourage and strengthen this sector, we will not be able to solve the problem of unemployment in the county.” He stressed the need to spend more on research and development.
The Home Minister noted that the FICCI Annual General Meeting was taking place at a crucial juncture as the world was slowly emerging from the quagmire on the one hand and India was celebrating Azadi Ka Amriti Mahostav on the other. It is time for FICCI to come forward and explore new areas of opportunity as well as expand its role in India’s growth, he noted.
He further stressed that FICCI has identified, collaborated and prepared a roadmap of potential sectors for the next 25 years as India celebrates 100 years of its independence. The vision of a self-reliant India can be achieved when organizations like FICCI come forward and work with the government on different policies and create a roadmap to boost the Indian economy in the next 25 years, he added.
Uday Shankar, President, FICCI said that the government’s all-round development initiatives are transforming India and every step is bringing us closer to a self-reliant India. “The use of technology for greater transparency, improved competition and increased efficiency is a feature of multiple reforms we’ve seen over the last seven years,” he added.
Sanjeev Mehta, President-elect, FICCI, said the epidemic had accelerated the country’s digital journey and provided much-needed inspiration. “We must protect privacy but release data as a national asset,” he added.