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Indian Economy on the Upswing, With FDI at an All-time High During COVID-19, Stated Piyush Goyal

    4 June , 2021         Fdiindia

Indian Economy on the Upswing, With FDI at an All-time High During COVID-19, Stated Piyush Goyal

On Tuesday, Commerce and Industry Minister Piyush Goyal and Consumer Affairs Minister Piyush Goyal said that the Indian economy has made a "strong comeback" and is on track to surpass pre-COVID levels. Union Minister Piyush Goyal confessed that the second wave of COVID-19 has been complex for all of us during the review conference with Industry Associations about the present and potential concerns owing to the COVID-19 pandemic. However, he talked about how the industries' proactive involvement, resilience, and devotion will assure a more robust recovery. According to Piyush Goyal, the economy will quickly recover from COVID.

Goyal, the Railway Minister, stated: "The Indian economy is on its path to surpassing pre-COVID-19 levels. FDI has been at an all-time high during COVID-19, with USD 81.72 billion in FDI in Financial Year 2020-21, up more than 10% from FY 2019-20. Railways loaded 114.8 million tonnes of freight in May 2021, a 9.7% increase over the previous high of 104.6 million tonnes in May 2019. Railways have been consistently loading the most freight in each month over the last nine months."

Foreign Trade Rebound

Piyush Goyal remembers how Exports performed admirably throughout the daily COVID-19 case influx. When asked about the recovery of foreign trade, the Union Minister remarked, "Exports in April 2021 were higher than pre-COVID-19 levels. In April 2021, merchandise exports totaled USD 30.63 billion. Even in May 2021, when the country's daily active cases were at an all-time high, exports performed admirably."

Rebounds are an inevitable component of the ever-changing business cycles in finance and economics. It refers to recouping losses or recovering from a time of harmful activity. Second, it denotes a resurgence in economic activity following a period of decline, similar to a rebound from a recession. The Minister of Commerce and Industry recalled how nationally rigorous lockdowns, a lack of oxygen, worker migration from urban to rural regions, and the spread of COVID contagions among the workforce all had a significant influence on industrial production.

As a result, he stated, "Industry associations are required to apply lessons acquired from previous experiences to tackle current and future issues. We should concentrate our efforts on learning how to create resilience in the face of future outbreaks by constructing suitable health facilities." "We should strike an equal balance between lives and livelihoods," he stressed.

Union Minister Goyal also encouraged industry groups to help youngsters affected by the COVID-19 pandemic.