India will bounce back to high growth levels, several data points indicate worst is over: Piyush Goyal

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The minister said that the world now looks towards India as a trusted, reliable partner in the global supply chain

Union Minister of Commerce and Industry and Railways Piyush Goyal has said on Saturday that said that there are signs of economic revival and so many data points indicate that the worst is over for India.  

“The merchandise exports in September this year are 5 percent more than the last year, Goods and Service Tax (GST) collections are up by 4 percent over the corresponding period, and railway carried 15 percent more freight. The indicators show that India will once again bounce back to high growth levels which is truly our destiny,” he added.

Assuring that the government is committed to ensuring the recovery of all our businesses, Goyal said that it is the collective effort of industry and the government that has helped the country come back to the recovery phase.

The minister said that this has been a period where the true resilience of Indian businesses has been put to test.

“We have not only become one of the largest manufacturers of PPEs, masks, ventilators and medicines across the world, but are also exporting them,” Goyal said.

He said that the world now looks towards India as a trusted, reliable partner in the global supply chain. 

The minister said that even during the strictest lockdown period, the country’s exports did not stop, showing to the world that India is a reliable partner. 

“The whole world recognises the phenomenal work India has taken in our fight against the pandemic and in our rapid recovery. India's abilities to become self-reliant, expand scale of operation, introduce good manufacturing practices & improve quality are all being recognised by world. I can today say with pride that our Indian industry has come up to the expectations of the people of India,” Goyal said while virtually speaking at the 74th annual session of Hindustan Chamber of Commerce.

The minister said that the country is working together to re-frame and re-imagine the businesses, re-engineer the way the government works and change policies, laws and procedures to make them contemporary.

He said that together business and government are working towards a better future for marginalised section of society or those who have been deprived of the benefits of 73 years of Independence.

He said that through the use of technology, we have been able to keep the wheels of government, business, trade and industry rolling and picking up speed.

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