Signs of ‘green shoots’ in India’s economy, PM Modi says, as nation continues pandemic recovery

India will continue to reopen its economy, which is already showing signs of recovery in the wake of the Covid-19 pandemic, the country’s Prime Minister Narendra Modi has said.

Speaking to chief ministers during a review of the first two weeks of the so-called unlock Phase 1, he said the danger is not over and there is a need to maintain social distancing norms.

“We always have to keep in mind that the more we can stop coronavirus, the more it will stop growing, the more our economy will open, our offices will open, markets will open, transport will open, and so will new employment opportunities,” Modi said, adding that the сoronavirus recovery rate in the country was over 50 percent.

The prime minister pointed to signs of “green shoots in the economy,” such as rising power consumption which was earlier falling, the doubling of fertilizer sales in May compared to last year, as well as production reaching 70 percent of its pre-lockdown level.

He also said that exports recovered in June to last year’s levels after three months of downfall. These signals are encouraging us to forge ahead, Modi said.

On Monday, global ratings agency S&P projected that the Indian economy will see strong recovery next year, following the downfall from the pandemic. According to the agency, growth is expected to pick up by 8.5 percent after a five-percent contraction in GDP during the current fiscal year, which ends in March 2021.

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