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Amit Shah hopes GDP will be positive in next quarter

Union Home Minister Amit Shah. File   | Photo Credit: PTI

Union Home Minister Amit Shah on Monday said he hopes the GDP will be back to positive territory in the next quarter, after two consecutive quarters of contraction.

Prime Minister Narendra Modi worked hard for the economic recovery and had also announced a package after the crisis due to coronavirus, Mr. Shah said after inaugurating two road over-bridges in Ahmedabad through virtual mode.

He also praised PM Modi for a record FII (foreign institutional investors) inflow to India during the COVID-19 pandemic period.

“As Prime Minister, Narendrabhai used the time of COVID-19 pandemic to visualise policy-making, keeping in mind its long-term impact on the economy,” Mr. Shah said.

Without wasting a second, he worked on reforms in many areas like farm sector, electricity, industrial policy, to create a system to maintain the pace of development, he said.

 

Towards this end, he offered a package of ₹20 lakh crore for the welfare of poor people and to give pace to the economy, Mr. Shah said in his address via video-conferencing.

“As a result, in terms of the recent GDP figure, we are only 6% behind...and I hope that in the next quarter, the GDP will be in plus (positive),” Shah said.

The gross domestic product (GDP) had contracted by a record 23.9$ in the first quarter (April-June) of the 2020-21 fiscal as the coronavirus lockdown pummelled economic activity.

The country’s economy recovered faster than expected in the July-September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5%, according to official data released recently.

The Home Minister also praised PM Modi for a record FII (foreign institutional investors) inflow to India during the pandemic period, and said it was a result of far-sightedness of the Prime Minister who “utilised the COVID-19 period to bring about reforms in the economic and industrial policy“.

“As far as the FDI (foreign direct investment) is concerned, today India has received the highest amount of FDI during COVID-19 time. India received a record FII (inflow) in the month of November,” he said.

He also praised Gujarat for its progress in terms of industrial development.

“Gujarat has always continued its tradition of progress in terms of industrial development. As reported in newspapers, in terms of FDI, Gujarat has remained on top with nearly 50% investment,” he said.

Mr. Shah also assured the Gujarat government of Centre’s support for development projects.

He praised Chief Minister Vijay Rupani and Deputy CM Nitin Patel for taking forward the tradition of development started by PM Modi, when he was the State’s Chief Minister.

Mr. Shah said Gujarat deserves to be congratulated for maintaining the pace of infrastructure development despite the COVID-19 pandemic.

Addressing a gathering on the occasion, Mr. Rupani said inauguration and laying of foundation stone of projects worth ₹15,000 crore were done during the COVID-19 period, and the government did not let the pace of development be affected.

“We did not let COVID-19 pandemic come in the way. We laid the foundation tones and inaugurated projects. The Prime Minister also inaugurated four projects...Gujarat gets the highest GDP. Now, there is nobody in Delhi to create hurdles. We now get whatever we ask for,” he said.

The two flyovers inaugurated on Monday are part of the ₹867 crore Ahmedabad-Gandhinagar highway project that connects Sarkhej (in Ahmedabad) to Chiloda (in Gandhinagar), Deputy Chief Minister Nitin Patel said.

Seven more flyovers will be constructed on the 44-km route to ensure uninterrupted movement of traffic, Mr. Patel said.

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Printable version | Jan 22, 2021 6:46:54 AM | https://www.thehindu.com/news/national/amit-shah-hopes-gdp-will-be-positive-in-next-quarter/article33213224.ece

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