India returning to normal business activity: PM Modi

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Prime Minister Narendra Modi on Thursday said business activity in India is fast returning to normal levels with consumption and demand approaching pre-COVID levels as visible in macro data on power, fuel and other consumption.

With the easing of lockdown conditions, business activity was fast returning to normal levels, Modi said speaking at the launch of commercial coal mining.

He cited spurt in power generation and consumption as well as demand for petroleum products during the last week of May and first week of June to buttress his point.

“These indicators point to Indian economy fast preparing to bounce back,” he said adding, “India has come out of big crises in the past and it will come out of the present one as well.”

Modi said the rural economy is also picking up speed. “Area under sowing of the Kharif crop is 13 per cent more than last year. This year wheat production and procurement has also increased. When compared to last year, wheat procurement is 11 per cent more which means farmers are also getting more money.”

“India has come out of past crises and it will come out of this one as well,” he said. “Indian success, growth is guaranteed. We can become self-reliant,” he added.

“Just until a few weeks back, we used to import N-95 face masks, corona testing kids, personal protective equipment (PPE), and ventilators. But now India is meeting its demand through Make in India. Soon we will become exporters of important medical products,” he said.

The Prime Minister stressed on self-reliance, which means cutting down on imports and turning into an export-surplus nation.

Modi pitched for reversing import dependence in sectors such as coal and exploiting domestically available resources to turn into a net exporter. “Self-reliant India means lesser dependence on imports. Self-reliant India means saving thousands of crores of rupees spent on imports and using them for welfare of the poor.