Resilient India fends off pandemic blow

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Resilient India fends off pandemic blow

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Read more on - Polity | Economy | Schemes | S&T | Environment

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• A tribute to human spirit: The Economic Survey 2020-21 speaks at length about how India successfully battle the Covid-19 pandemic, and how it cushioned the economic impact. It speaks about the dilemma between lives and livelihoods, and how India sprang back from a huge economic contraction, and may become the fastest growing economy soon (IMF projections).
• A story of resilience: On two fronts, resilience was shown - fighting the virus, and ensuring economic recovery. India provided free foodgrains to 80 cr people, and upgraded public health measures. The digital payments system was used to was used to provide cash transfers to weaker sections. All Indians practised Covid-appropriate behaviour.
• Sui Generis case: India is now proven special in the world, a sui generis case, as there is an upturn in the economy, and a second wave has been avoided. Fearless policymaking is responsible for this.
• From crisis to opportunity: On one hand, testing and health infrastructure was upgraded, while on the other, many reforms were brought in to put the economy on long-term growth path.
• The trade-offs: It was clear early on that the dilemma of lives versus livelihoods needed clear policy direction. So lives were chosen over livelihoods, and then came policy reforms, and new responses as per evolving situation. Different phases of the pandemic needed different responses, and that was to be one while ensuring fiscal sustainability. So India went from 'Jaan hai to jahan hai' to 'Jaan bhi aur jahan bhi'.
• Focus is economic growth: The Economic Survey talks about how policy-making focused on economic growth, and the tools to be used to achieve that - reforms, innovation, timely regulatory support and withdrawal of forbearance.
• Index of bare necessities: The Survey creates this index, and shows that compared to 2012, across states, the access to bare necessities has grown all over. Which indicators are involved? Access to water, housing, sanitation, micro-environment and other facilities. It is only because of PM's 'sabka saath, sabka vikas' philosophy.
• Confidence: Hence, the Economic Survey has proven that Indians have tremendous confidence to emerge out of any adversity whatsoever.

Read more on - Polity | Economy | Schemes | S&T | Environment

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