NEWS IN BRIEF
The Self-Reliant India mantra has already succeeded in attracting billions of dollars of FDI, with much more in the pipeline. This rapid ramp-up in technological and manufacturing capacities is setting the stage for rapid growth in the years ahead.
Though the Covid-19 pandemic will cost India two years of growth, the increased digitisation of the economy and the slew of reforms undertaken by the Modi government will ensure that it overtakes Germany and Japan and crosses the $5-trn GDP mark over the next 7-8 years.
Data reveals that the country’s economy is turning the tide, the people must now demonstrate more awareness and take precautions to influence a huge push towards bringing down the infection rates.
Following the success of the PLI scheme in attracting global smartphone makers set up facilities in India, the Modi government has launched an initiative to encourage chip making in the country. Executed properly, this could propel India past China in this critical segment of future-ready manufacturing.
IS MULTILATERALISM A MISTAKE?
Most major global agencies expect India to record steroid charged growth in 2021, albeit from a reduced base. The much-criticised measures by the government and the RBI to ensure that the country’s macro-economic indicators remain in good shape are now expected to pay rich dividends.