Niti Aayog CEO Amitabh Kant has expressed the confidence the economy which has been hit hard by the COVID-19 pandemic, will bounce back soon. The reason according to him is that the green shoots are visible and the economy.
The pandemic has impacted economic activities severely as the country had to go through a nationwide lockdown to check the spread of coronavirus. The government had to announce a slew of measures, including fiscal package, to boost the economy.
“I am a great believer that India will bounce back. We are already seeing green shoots in the economy. We are seeing that key sectors like FMCG (fast-moving consumer goods) have already come back.
“I am hopeful that we will bounce back and bounce back with a vengeance,” he said while speaking at ‘FICCI FRAMES 2020’.
The slowdown in economic activities led to a decline in the government’s revenue collection. However, with the gradually unlocking, economic activities are reviving. The GST revenue collection in June rose to Rs 90,917 crore from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April.
Kant further said the pandemic is a massive challenge not merely for India but for the whole world, including the US and European countries.
“Every crisis is also an opportunity. Therefore, this crisis is also going to have huge losers and winners. India can decide whether it wants to lose or whether it wants to win,” he said.