Indians just refuse to give in to the havoc COVID 19 has wrecked. The deadly coronavirus has changed mostly everything about being outdoors but what it couldn’t beat is the might and courage of people of this country to fight and survive, come what may.
With Rs 20 lakh stimulus package under ‘Atmnirbhar Bharat Abhiyan’, the government has unleashed a plethora of schemes including subsidies and loans for almost every sector one can think of.
Yes, there are sectors that got crippled by the harsh blow of the pandemic, India still ranks high among the suitable locations for global manufacturing in various sectors.
Indicators like electricity and fuel consumption, inter and intra-state movement of goods, PMI (purchasing managers index) data and retail financial transactions have picked up, emerging as green- shoots of revival.
The Finance Minister recently said that the government is not shying away from taking the right steps for an early revival of the post COVID economy. For the same, loans worth Rs. ₹1,27,582 crore under the ₹3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector were sanctioned by the banks till mid- July. These loans aim to help the MSME sector impacted by the economic slowdown triggered by COVID-19.
India is also leaning towards privatisation some major sectors like- railways, aviation industry, and power DISCOMS in Union Territories, hence there is a glimpse of light at the end of this dark tunnel. The foreign direct investment limit in defence manufacturing under the automatic route is to be raised to 74 percent from 49 percent.
Special focus was given across eight sectors (defence production, coal, minerals, civil aviation, power distribution, social infrastructure, atomic energy and space) under the ‘Atmnirbhar Bharat Abhiyan’ scheme.
According to the Centre of Monitoring Indian Economy (CMIE), a Mumbai based economic think tank, an estimated area of Kharif crops 58 million hectares in July 2020 which is 44.1 percent higher than the level recorded during the same period last year.
The data is indicative of concrete land reform steps taken by the state governments which is bearing fruits in the agriculture sector which is leading to the revival.
Cases of coronavirus now crossing millions are expected to reach 3.5 million in October 2020. Such a massive scale of infections is going to affect the purchasing power of consumers. But as the government systematically exits strategy to allow more and more economic activities across the country, things will soon come back to normal but with certain rules, of course.
The economy is set to get back to pre-COVID-19 levels until the third last quarter of 2021 as
predicted by the World Bank considering the concrete and calibrated steps taken by the government.