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Press Release

India likely to become the fastest growing economy in the next FY: Amit Shah

Dec 17, 2021

MSMEs crucial for generating employment; Industry should work towards propelling manufacturing to reduce imports 

NEW DELHI, 17 December 2021: Mr Amit Shah, Union Minister of Home Affairs and Cooperation, Govt of India today while speaking on the Indian economy and GDP said that the post COVID times have started, and the government has taken various initiatives to counter the effects of COVID by improving the supply side. India has come out of COVID with minimum loss as compared to other countries. "We are reaching the pre-COVID levels. July to September GDP number has been at 8.4 percent and I think in the year 2021-22, India is likely to become the fastest growing economies in the world. I will not be surprised if we touch double digit growth," he added. 

Addressing the session 'Vision on New India' during the FICCI's Annual Convention & 94th AGM, Mr Shah said that out of the 22 parameters of the economy, India has exceeded in 19 parameters, and this shows that we have come out strong. Both manufacturing and service sector index have reached the pre-COVID levels. "With the announcements of various packages and relief, our inflation is in the range of 4-6 percent as set by the government,' he added. 

Highlighting the potential of the MSME sector, Mr Shah said that till the time we encourage and strengthen this sector, we cannot address the issue of unemployment in the county. He also emphasized on the need of spending more in the R&D sector. 

Mr Shah further said that the FICCI's Annual General Meeting, today is happening at an important juncture as on the one hand the world is slowly coming out of COVID and on the other hand, India is celebrating Azadi ka Amrit Mahostav. Time has come for FICCI to come forward and play a significant role in India's growth along with exploring new areas of opportunities, he noted. 

He further emphasized the need for FICCI to identify the potential growth areas, collaborate with the government and prepare a roadmap for taking India to new heights of prosperity in the next 25 years. 

Mr Uday Shankar, President, FICCI said that the all-round development initiatives of the government are transforming India and each step is bringing us closer to AtmaNirbhar Bharat. "Harnessing technology for greater transparency, improved competitiveness, and enhanced efficiency have been the hallmark of multiple reforms we have seen over the last seven years," he added. 

Mr Sanjiv Mehta, President-Elect, FICCI said that this epidemic has accelerated the nation's digital journey and provided the much-needed impetus. "We should protect privacy, but we should free data as a national asset," he added. 

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