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Indian Economy Witnessing Robust Recovery, FDI During COVID-19 Highest Ever: Piyush Goyal

Consumer Affairs Minister Piyush Goyal, on Tuesday, claimed the Indian economy is witnessing a "robust recovery" and is on track to surpass pre-COVID

Piyush Goyal

The Minister for Commerce and Industry and Consumer Affairs Minister Piyush Goyal, on Tuesday, claimed that the Indian economy has been witnessing a "robust recovery" and is on track to transcend pre-COVID levels.

While the review conclave with Industry Associations over the current and potential threats owing to the COVID-19 pandemic, Union Minister Piyush Goyal admitted how the second wave of COVID-19 has been difficult for all of us. He mentioned how the pro-active role of the industries, resilience, and commitment will ensure a comeback with greater strength. The economy will bounce back soon post-COVID successfully, according to Piyush Goyal.

Goyal who is the Minister of Railway too, said, "Indian economy is witnessing a robust recovery and is on track to surpass pre-COVID-19 levels. The FDI during the COVID-19 has been the highest ever, as we have an FDI of USD 81.72 Bn in Financial Year 2020-21, more than 10 per cent than FY 2019-20. There was a record freight loading as Railways loaded highest ever freight of 114.8 MTs in May 2021 which is 9.7 per cent higher than the previous best of 104.6 MT in May 2019. Since last 9 months, Railways is continuously loading highest ever freight in respective months."

Rebound of Foreign Trade

Piyush Goyal recalled how Exports were performing well during the surge in daily active COVID-19 cases.

Speaking about the rebound of foreign trade, the Union Minister said, "The exports in April 2021 have surpassed the pre-COVID-19 figures. Merchandise exports in April 2021 were USD 30.63 Bn. Even during May 2021, when the daily active cases were peaking in the country, the Exports did very well." 

In finance and economics, rebounds are a natural occurrence as part of the ever-changing business cycles. It refers to recovery from a prior period of negative activity or losses incurred. It means that economic activity has increased from lower levels, like a bounce-back following a recession.

The Minister for Commerce and Industry recalled how industrial production was severely impacted due to nationwide strict lockdowns, non-availability of oxygen, migration of workers from urban to rural areas, and the spread of COVID contagions amongst the workforce. 

Pursuant to this, he said, "It is expected from Industry Associations to draw upon the lessons learned from past experiences to meet the present and future challenges. We should focus on learning to build resilience for future outbreaks by building adequate health facilities." He added, "We should find an equitable balance between the lives and livelihoods."

Union Minister Goyal also urged the Industry Associations to aid the children impacted by the COVID-19 pandemic.

(With ANI inputs)

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