While former Prime Minister of India and veteran economist Manmohan Singh expressed that the future( of India’s economy) looks frightening than the 1991 crisis, Textiles Minister of India Piyush Goyal has stated that despite COVID-19 disruptions, there are clear indications of economic revival in India.
1991 crisis:
In 1991, India’s economy almost hit rock bottom because of various reasons like poor economic policies, inefficient public sector units and various other causes. Chandrasekhar was the Prime Minister of India at that period, and before him was Janata Dal’s V.P.Singh.
The then government had to get loans from international bodies pledging India’s gold reserves as the country’s finances were in a vegetative state.
When P. V. Narasimha Rao’s government took over, Manmohan Singh became the Finance Minister and this regime brought new reforms that reduced India’s economic burden and stabilized the economy.
Remarks by Manmohan Singh:
To mark the 30th anniversary of economic liberalisation and the opening up of the Indian economy on July 24, Singh issued a statement recently in which he cherished the past accomplishment and expressed worry over the current turmoil caused by the pandemic.
“It gives us immense joy to look back with pride at the tremendous economic progress made by our nation in the last three decades. But I am also deeply saddened at the devastation caused by the COVID-19 pandemic and the loss of millions of fellow Indians. The social sectors of health and education have lagged behind and not kept pace with our economic progress. Too many lives and livelihoods have been lost that should not have been,” Dr. Singh said.
“It is not a time to rejoice and exult but to introspect and ponder. The road ahead is even more daunting than during the 1991 crisis. Our priorities as a nation need to be recalibrated to foremost ensure a healthy and dignified life for every single Indian,” he added.
Remarks by Piyush Goyal:
Piyush Goyal on the other hand, said recently that that exports from India are going up and foreign direct investment (FDI) inflows are at their highest. He said this during the Plenary Session of CII- Horasis India Meeting 2021 on ‘India’s Emerging Industry and Trade Architecture’
Goyal said that today, India is the preferred destination for Industry, Investment and Innovation. “Under Prime Minister Narendra Modi, India has set itself upon the path to become “Aatmanirbhar Bharat”– self-reliant and self-sufficient. Aatmanirbhar Bharat is the recipe for rebuilding, revitalizing and building resilience in the economy. ‘Self-Reliant India’ does not mean closing our doors to the world, on the contrary, it empowers us to engage with greater confidence and competitiveness,” he noted.
The Minister added that the Government of India is standing strong with a resolve for “Building a strong India of Tomorrow”.