Published 19:45 IST, November 13th 2020
Principal Economic Advisor Sanjeev Sanyal shares India's post-pandemic vision
Sanjeev Sanyal on Friday spoke exclusively to Republic Media Network on what the government's next move was to revamp the economy in the country.
Principal Economic Advisor Sanjeev Sanyal on Friday spoke exclusively to Republic Media Network on what the government's next move will be to revamp the economy and what its vision was for India in a post-pandemic world.
"We have seen certain parts of the economy as they have opened up, have come back on track. Whether you look at purchasers managing index, power consumption, railways freight movement. Wherever we have been able to open things up, of course, we have restrictions on some sectors like travel, hospitality, etc, but as these open up, we are getting demand back," said Sanjeev Sanyal.
Expanding on this, the Principal Economic Advisor revealed that the government's plan was two-fold, keeping in mind the COVID-19 pandemic in the country which was still prevalent. "The idea is two-fold. One, still keep a big watch on COVID. It has not gone away, we have not beaten it, Europe and US show it can still come back, so we have an eye on that. But alongside, we will open the demand up, get things going, give it a boost," he said.
"We will do this through the credit route, production-linked incentives, employment incentives, or supply-side measures, something which other countries have not done. We have already liberalized agriculture, and done away with the BPO regulations that were strangling the sector. We have always been the back-office of the world. Why can we not be the front of the office as well?" said Sanjeev Sanyal.
Finance Minister Nirmala Sitharaman on Thursday announced 12 new measures in the series of stimulus announcements by the Central government to boost the economy. Speaking about the economy, she said there is definitely a strong recovery and quite a few indicators show that. She also said that the demand is rising as the country is seeing a downfall in active COVID-19 cases. One of the major incentives that the Centre has rolled for the economy is the permission to introduce the Production-Linked Incentive (PLI) scheme across 10 main sectors to enhance India's manufacturing capabilities and exports.
Updated 19:45 IST, November 13th 2020