India’s economy is firmly on the path to long-term recovery and renewal, despite the slowdown in the second wave of COVID-19, aided by a series of timely measures and policy reforms taken by the Center, the Center said. vice-president Mr. Venkaiah Naidu. here Saturday.
He said the economy grew at a record pace of 20.1% in the first quarter of fiscal 2022, unlike the 24.4% contraction in the same quarter of the previous fiscal year. Various reports have indicated a strong rebound in the manufacturing and construction sectors, he said.
Naidu noted that the agricultural sector has been a “consistent performer” registering a growth of 4.5% in the first quarter compared to 3.5% during the same period last year, once again showing its ” resilience ”.
“Key sectors like fertilizers, cement, steel, coal and refined products also showed positive growth,” he said, speaking at the House’s Platinum Jubilee celebrations. of Hindustan trade here.
“We are now on the cusp of economic transition and all indicators point to a phase of long-term growth and recovery in the coming months. The RBI has retained the growth projection of 9.5% for fiscal years 21-22, ”he said.
“A series of timely measures and political reforms taken by the Center, the economic situation has gradually improved,” Naidu said.
With the easing of restrictions in various states, consumer confidence has returned and market sentiment has shown a positive trend, he said.
Driven by the Centre’s strong macroeconomic fundamentals and forward-looking reforms, including the GST, opening up of foreign direct investment, strengthening infrastructure, the economy has the potential to reach the $ 5,000 billion mark. in the years to come, he said.
The Center and the States should work in a “Team India” spirit for the long-term recovery of the economy and steer India to greater heights in all fields, he said.
Stating that the country is fortunate to have a huge population of educated young people and scientific workforce, the vice president said technological and scientific innovations play a key role in driving the economy.
“There needs to be more emphasis on creating the right ecosystem for innovation to thrive by improving investment in research and development. In this context, public and private sector entities must join hands and (commercial) bodies like the Hindustan Chamber of Commerce must play a proactive role, ”he said.
Naidu said Tamil Nadu is an attractive place for investment with a stable government that is investor friendly.
“Tamil Nadu has a rich cultural heritage with an ancient past. Carbon dating of some of the excavations has shed new light on the antiquity of the Thamirabharani civilization, revealing it to be 3,200 years old. We can also see the influence of Tamil Indian culture at Angkor Wat temple in Cambodia, which was built in the early 12th century, ”he said.
The vice president also echoed comments by Chief Minister MK Stalin that the history of the Indian subcontinent needs to be “rewritten”.
“I share Stalin’s view that the history of the Indian subcontinent must be rewritten. It needs to be rewritten with an Indian perspective and not through a colonial lens, ”Naidu said.
On Thursday, the chief minister, while revealing to the assembly the conclusions of a study which indicated a 3,200-year-old civilization in Tamil Nadu, declared that the archaeological department of the state, in order to trace the Tamil cultural roots, would undertake excavations. in countries, including Indonesia and states like Andhra Pradesh, after obtaining the required clearance.
The CM said it was the government’s primary duty to establish by evidence, and on the basis of science, that the history of the Indian subcontinent should be written, from the Tamil landscape.