<p>Though India has been through ups and downs this year, its economic recovery from the Covid-19 pandemic is better than expected and economic indicators have shown encouraging signs, Prime Minister Narendra Modi said Saturday.</p>.<p>Compared to February when the pandemic started, things have changed in December, he said, adding, there is a road map to deal with this now.</p>.<p>“Even the economic indicators are encouraging,” he said addressing the annual convention of industry body FICCI (Federation of Indian Chambers of Commerce & Industry).</p>.<p>India, he said, has seen record Foreign Direct Investment and Foreign Portfolio Investment inflows during the pandemic.</p>.<p>India witnessed a V-shaped recovery in the July-September quarter when the contraction narrowed sharply to 7.5% from 23.9% in the April-June quarter.</p>.<p>The V-shaped economic recovery continued in October when industrial production and core sector growth inched up to pre-Covid levels.</p>.<p>Pointing out the old policies protected inefficiencies while ‘Aatmanirbhar Bharat Abhiyan’ is guided to promote efficiency in all sectors, he said the government has introduced a Production-Linked Incentive scheme to promote sunrise sectors and technology-based industries.</p>.<p>This scheme is for those industries which are on the path to make India a global champion and those who would perform would be entitled to an incentive, he added.</p>.<p>The government last month approved the scheme for 10 sectors including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period.</p>
<p>Though India has been through ups and downs this year, its economic recovery from the Covid-19 pandemic is better than expected and economic indicators have shown encouraging signs, Prime Minister Narendra Modi said Saturday.</p>.<p>Compared to February when the pandemic started, things have changed in December, he said, adding, there is a road map to deal with this now.</p>.<p>“Even the economic indicators are encouraging,” he said addressing the annual convention of industry body FICCI (Federation of Indian Chambers of Commerce & Industry).</p>.<p>India, he said, has seen record Foreign Direct Investment and Foreign Portfolio Investment inflows during the pandemic.</p>.<p>India witnessed a V-shaped recovery in the July-September quarter when the contraction narrowed sharply to 7.5% from 23.9% in the April-June quarter.</p>.<p>The V-shaped economic recovery continued in October when industrial production and core sector growth inched up to pre-Covid levels.</p>.<p>Pointing out the old policies protected inefficiencies while ‘Aatmanirbhar Bharat Abhiyan’ is guided to promote efficiency in all sectors, he said the government has introduced a Production-Linked Incentive scheme to promote sunrise sectors and technology-based industries.</p>.<p>This scheme is for those industries which are on the path to make India a global champion and those who would perform would be entitled to an incentive, he added.</p>.<p>The government last month approved the scheme for 10 sectors including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period.</p>
