India will be back to pre-COVID levels in Jan-March quarter, says Hardeep Puri

On the back of recent recovery in economic indicators and the country’s strong economic fundamentals, India will be back to pre-COVID levels in January-March 2021, said Minister of State (IC) Housing and Urban Affairs Hardeep Singh Puri. He was speaking at a webinar organised by the PHD Chamber of Commerce and Industry (PHDCCI) on December 17.

The minister said considering the impact on livelihood, the Government decided to open up the economy in a calibrated manner and as a result, India was on a recovery path now. He said improvement has been seen in economic and business indicators in the recent months such as IHS Markit manufacturing PMI and GST collections, among others.

Puri said the challenge posed by the impact of COVID-19 also presents an opportunity. He appreciated the clarion call for Atmanirbhar Bharat and the unleashing of path-breaking reforms for sectors such as coal, mining and agriculture, among others. He said that the agenda of the Government was to improve and implement the economic reforms.

The minister said the pandemic had given an opportunity to make assessment of the vulnerable sectors of the economy and taking steps for their rejuvenation. He said the Government was ready to work with the industry to fulfil the gaps in manufacturing sector, whether it relates to physical gaps or the policy gaps.

Sanjay Aggarwal, President, PHDCCI, appreciated the series of stimulus announcements by the Government in the last eight months and said these reforms had made recovery sooner than expected He said while procedural requirements had been relatively reduced and the communication between Government departments become transparent and hassle-free, the cost aspect still needed to be relaxed further.

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Gopal Jiwarajka, former President, PHDCCI, said the process of making India Atmanirbhar and a manufacturing hub should be looked at from a different way; India should look at the countries that have succeeded to become a manufacturing hub. He said since the MSME is a highly vibrant and dynamic sector of the economy, extreme support to MSMEs and start-ups was required to help them recover from the impact of the pandemic.

Rajeev Talwar, another former President, PHDCCI, said the recent Diwali period was the best for the real estate sector on the back of Government reform measures and various lucrative announcements for the housing sector. He said sectors such pharmaceutical and real estate had received a huge amount of investments through FDI. Mentioning that there will be requirement of around four crore houses in cities in the coming times, he said Government investment in rental housing will spur the demand.

Anil Kumar Chopra, Chairman, Economic Affairs Committee, PHDCCI, said that Government had taken encouraging steps to combat the adverse effects of pandemic COVID-19. He appreciated the Government’s openness in receiving suggestions from the industry stakeholders.