Impact of Economic Reforms: International ratings agencies expect smart economic recovery in India

Abhishek Dayal
Contd from prev issue
Covid19 pandemic has badly hurt the global economy. It has taken a huge toll in terms of lives in a number of industrialised nations. It continues to spread and devastate a large part of the middle income and poor countries of the world. In comparison, timely steps taken by Indian government shielded our country from the worst effects of the pandemic. India’s rate of spread of infection and rate of fatalities is significantly lower than many of the richest countries of the world. Time was purchased to enable our health care system to get itself prepared for any eventuality. Behavioural change has been affected through a sustained public information campaign on ways to prevent the spread of infection. Social distancing, hand washing and wearing of masks in public places has now become a way of life for our countrymen.
    The direct communication by Prime Minister through his televised addresses and through his Radio programme, Man Ki Baat, has taken several important messages directly to the people. ‘Aatm Nirbhar Bharat’ is one of the important component of this messaging that combines several inter-related ideas. It is simultaneously a call for collective action at community level to prevent the spread of the virus, a focus on strengthening our domestic industry to make the country strong and a call for boosting our personal resolve to tackle the present challenges with confidence.
    India’s economic fundamentals are strong. It is a vibrant economy with a huge market. It has the potential to emerge as one of the richest and most progressive countries in the world. Under the strong leadership of Prime Minister Narendra Modi, the people are confident that our journey of rapid economic growth and social progress will not be halted by the challenge posed by Covid19 pandemic. We shall overcome faster than the world anticipates and will emerge stronger.