Page 31 - NIS English December16-31

ignore the long-term trend. But these ratings are
The Prime Minister always talks
about opportunity in the crisis. How do
you look at India being an economic
superpower?
This pandemic has proved that vision of
India is farsighted. We don’t visualise from
one quarter to another quarter. There was
certain impact on the economic activity
due to lockdown as lives must be saved
first. If we look at the death rate, India has
5 deaths per lakh while the US has 60
deaths per lakh. Death rates of Spain, Italy,
UK is 10 to 12 times higher than India. This
long-term vision will take India a long way.
India can be the example of ethical wealth
creation. As per a report, India was the
world leader in economy for seventeen and
a half centuries. India’s contribution to the
world GDP was one third (33 per cent) of
the total global GDP. On the other hand,
the USA, which is considered to be the
economic superpower has only 15-16 per
centcontribution to the world GDP!
our companies, they make products for top 20 to
30 per cent lot on the income pyramid. But certain
sectors like FMCG has products for people even
in the remote areas of the country like shampoo
sachet. We are trying that companies should give
products and services to widen their consumer base
as one of the biggest strength of India is that we are
a country of 137 Billion people.
Reports of IMF, World Economic Forum
and Moody’s ratings have signalled a major
improvement in the economy during pandemic.
How one can understand this with the help of
these indicators?
We have discussed that during the unlock phase,
the recovery is very well and that is what is being
reflected in ratings of these agencies. I do think that
many a times lots of analysts’ researches end up
taking into the account the recent data and often
definitely a good news.
The IMF has said in its report that by 2040
India’s contribution to the world's growth rate
will be one third. How do you look at it?
I think policies and reforms will provide the
necessary growth impetus to the Indian economy
and we will surely realise this prediction.
Corona is not yet vanished. Reforms are
continuing. Will the growth accelerate or is
there any possibility of it falling again?
I am cautiously optimistic as data is showing a
good economic recovery. But since this is winter
season and in this weather such cases increase
particularly in North India, so this is my appeal
to people to remain more cautious so that cases
don’t increase. This is not only in the interest of
individual but also in the interest of the country.
When will we be able to reach the positive
territory of the GDP?
This is my presumption that in Q3 or Q4, we
will be able to reach that mark.
It is agriculture sector that remains
unaffected from the negative growth rate.
Creating opportunities in agriculture sector
has always been a concern. The Government
has made an announcement of creating an
Agriculture Infrastructure Fund of Rs 1 Lakh
Crore. How is it going to help the end-users,
our farmers?
Agriculture sector is not much affected as
social distancing is not a matter of concern for the
sector. The Government has taken all necessary
measures despite lockdown. The agriculture
sector has provided a cushion. The recent reforms
particularly Farmers’ Law are very important for
agriculture sector because small farmers will be
able to sell their produce to anyone. Moreover,
there are around 40 to 45 per cent people working
in the sector which has a huge potential of job
creation. The required growth will not be possible
without proper infrastructure. The investment will
happen due to Rs 1 Lakh Crore infrastructure
fund. Infrastructure fund is likely to work for the
growth of agriculture sector.
New India Samachar 29