India remains as fastest growing economy; economic crisis is temporary.
India is facing the threat of Covid-19 pandemic and under economic crisis. Nitin Gadkari, Union minister for road transport and highways said that India is facing a temporary economic phase and the country still remains as the fastest growing economy of the world on Tuesday in The US India Business Council Annual Summit. The skilled manpower is India is quite large which has been hired by countries across the world. Also the investment in micro, small and medium enterprises, (MSMEs), infrastructure sectors may produce a favourable return to the country in progress.
Increase in exports can earn more foreign exchange that benefit the country for its overall development, and reduce imports by giving special preferences to rural, tribal and backward areas for generating productivity. Joint ventures of US- based companies with Indian companies with economic support can uphold the spirit of economic progress. Investment in sectors like MSME, roads, railways, waterways and airways has high potential in a macro point of view.
“Presently India faces many problems, but this is a temporary phase. I am confident that we are going to win the war against Covid-19. At the same time we are going to win the economic war.” India is the fastest growing economy, we have got huge potential and definitely we will convert all these problems into opportunity,” said Gadkari.
“India is a big market, having skilled manpower. Software engineers seems to be best in the world. The country’s priority is now to promote agro-MSME, forest MSME, food processing industries,” he added.