Kochi, Nov 13 : With an ever enlarging market space, ‘high’ demographic dividend and a ‘highly’ skilled and trained workforce, India has been much better-placed than most other prominent economies to lead the global recovery from a pandemic affected world, said Union Minister of State for Skill Development, Entrepreneurship, Electronics and IT Rajeev Chandrasekhar.Kochi, Nov 13, : India is in a better position than other countries to lead global recovery after a pandemic.This is due to its ever-growing market space, high demographic dividend, and highly skilled and trained workforce.On the first visit to his home state after becoming Union minister, Chandrasekhar on Friday addressed an interactive session with eminent people representing leading business houses, research and academic institutions at the Central Marine Fisheries Research Institute (CMFRI) here.
Chandrasekhar, his first visit to India as Union minister, addressed an interactive session on Friday with distinguished people from leading research and business institutions at the Central Marine Fisheries Research Institute, (CMFRI), here.
“Unlike many other nations, India’s economic response towards the pandemic was aimed at achieving self-reliance in developing vaccines and to effectively insulate the most vulnerable section of the society from pandemic induced economic distress.India’s economic response to the pandemic was different from other countries.It sought to develop vaccines on its own and insulate the most vulnerable sections of society from economic hardship.
Towards this, the government focused on distributing targeted cash and food, developing health infrastructure and vaccinating the population.The government focused its efforts on the distribution of targeted cash and food, as well as the development of health infrastructure and vaccinations.
This approach was in variance with the views of the several world renowned economists who favoured random distribution of cash, but our experience so far showed that the policy worked well at the grass root level”, he said.He said that although this approach did not align with the opinions of many world-renowned economists who favor random cash distribution, “our experience so far has shown that the policy works well at the grass root level.”
“Several structural reforms aimed at improving the efficiency of production were taken up by the government to improve India’s medium and long-run growth prospects, at the same time not compromising with the immediate requirements to combat the pandemic.The government has taken several structural reforms to increase the efficiency of production to boost India’s medium- and long-term growth prospects.
However, they have not compromised on the urgent need to fight the pandemic.This approach has gained wider economic significance at a time when India registers a solid growth recovery”, added Chandrasekhar.
Chandrasekhar said that this approach is now more important economically at a time when India is experiencing a solid recovery.
India acted differently while keeping direct fiscal spending at a lower level of GDP, he asserted.
He claimed that India had acted differently, while maintaining a lower level for direct fiscal spending.
He added that the ambitious ‘Aatmanirbhar Bharat’ project focuses not only on vaccines and economy but it also stresses on national security and strengthening democracy.
He said that the ambitious “Aatmanirbhar Bharat” project, which focuses on both vaccines and economics, also emphasizes national security and strengthening democracy.
Touching upon the government’s efforts to strengthen infrastructure development, Chandrasekhar lauded the ‘PM Gati Shakti’ scheme that would pave the way for an interconnected system to facilitate digital enabled ‘super governance’.
Chandrasekhar spoke highly of the government’s efforts in strengthening infrastructure development and praised the PM Gati Shakti scheme, which would open the door to an interconnected system that will enable digital-enabled’super governance’ #India #recovery #pandemics
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