India returning to normal business activity; consumption, demand rising: PM Modi

    American brokerage Goldman Sachs expects the Indian economy to contract by 5 per cent in FY21, making it the worst performance by the country ever.
    Economic crisis

    New Delhi, Jun 18 (PTI) Prime Minister Narendra Modi on Thursday said business activity in India is returning to normal levels with consumption and demand fast approaching pre-COVID levels.

    A protracted lockdown imposed to curb spread of coronavirus has resulted in severe disruption of industrial production and consumer spending, with GDP growth forecast to contract sharply.

    Speaking at the launch of commercial coal mining, Modi said business activity was fast returning to normal levels.

    “Consumption and demand are now reaching pre-COVID levels,” he said.

    He cited rise in electricity demand and fuel consumption among others to point to recovery.

    “These indicators point to Indian economy fast preparing to bounce back,” he said. “India has come out of big crises in past and it will come out of present one as well.”

    India’s growth and success is guaranteed, he said propagating his idea of making the country self-reliant by cutting imports.

    “Just until a few weeks back, we used to import N-95 face masks, corona testing kids, personal protective equipment (PPE), and ventilators. But now we have become self-reliant and are also in a position to export some medical equipment,” he said.


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