India Would Bounce Back from Coronavirus Pandemic: CEO NITI Aayog

The NITI Aayog, CEO Amitabh Kant, has stressed that India would soon bounce back from the novel coronavirus or COVID-19 crisis. Citing examples of fast-moving consumer goods (FMCG), he said key sectors like FMCG have already come back to work in positive signs to bring back the economy from the crisis.

While addressing a session on ‘Role of the Creative Economy in Nation Building' on FICCI digital forum, Kant said, “I am optimistic that we will bounce back with vengeance”.

He also said, "We are already witnessing the emergence of green shoots in the economy”. Kant said that India must identify 12-13 sectors in which it can be a global champion and suggested that all of us need to be very clear that the pandemic is a massive challenge not just for India but for the world. Elaborating on the potential areas, the NITI Aayog CEO said that the areas like data, genomics, mobility, drones, creative industry along with media and entertainment will be key drivers of growth.  Kant further stated that while COVID-19 has brought in a ‘New Normal', it will be innovation which will be the key in the new normal. The people who will survive will be those who will work with technology, capturing the sunrise sectors of growth while data and the use of AI will drive growth, he said. "India often gets into the areas of sunset industries and then it becomes difficult to penetrate the global market's size and scale. India will get into the new areas of growth and these areas will have huge disruptions”, Kant said.

Enumerating the importance of the Atmanirbhar Bharat programme launched by the government, Kant said that through this, the government has brought radical reforms in various sectors like MSME and agriculture.