Image Source: m.economictimes.com
India's economy is undergoing " V-shaped recovery" and the whole world is surprised to see this, Union Home Minister Amit Shah told in the inauguration ceremony of four-lane over-bridge in Gujarat's Shilaj through video-conferencing.
Amit Shah also informed about the ongoing schemes of the government to provide house to 30 crore people who do not have their own houses by 2022 and to provide piped-water supply to each household by 2022. He also mentioned other projects of the government like electricity connectivity, metro rail, bullet train, urban connectivity, etc. Shilaj over-bridge is one of those one lakh bridge which government is planning to build at the railway crossing at State and National highways for the uninterrupted flow of traffic.
The Indian economy contracted by 23.9% in the April-June quarter due to the lockdown and this contraction narrowed down to the 7.5% in the September 2020 quarter after lifting the lockdown. There was also raised in the demand in November and December because of festivals. Now, the Union Government expects this contraction to remain at 7.7% in this fiscal year.
The Union Government initiated many schemes and initiatives for the MSMEs sector, electronic and pharmaceutical industries and other industries amid the COVID-19 pandemic to uplift the economy. One of those schemes was PLI (Production-Linked Initiative) scheme. Government attract big MNCs or production units in the country and gives initiatives for increasing their production. Earlier, it was launched in the mobile and allied equipment sector. But now after its success, it will be expanded to ten more sectors.