New Delhi: Prime Minister Narendra Modi on Thursday said business activity in India is returning to normal levels with consumption and demand fast approaching pre-COVID levels.
A protracted lockdown imposed to curb the spread of coronavirus has resulted in severe disruption of industrial production and consumer spending, with GDP growth forecast to contract sharply.
Speaking at the launch of commercial coal mining, Modi said business activity was fast returning to normal levels. “Consumption and demand are now reaching pre-COVID levels,” he said.
He cited a rise in electricity demand and fuel consumption among others to point to recovery. “These indicators point to Indian economy fast preparing to bounce back,” he said. “India has come out of big crises in the past and it will come out of present one as well.” India’s growth and success is guaranteed, he said propagating his idea of making the country self-reliant by cutting imports.
“Just until a few weeks back, we used to import N-95 face masks, corona testing kids, personal protective equipment PPE, and ventilators. But now we have become self-reliant and are also in a position to export some medical equipment,” he said.