India, the new hope of the world: The industrial powerhouse and bed of innovation
In May 2020, barely two months after the lockdown began, I wrote in a column published by a Malayalam daily that India would enter a prosperous time after the pandemic. The following quarter saw an expectedly significant contraction in India’s GDP. The following quarter saw a GDP growth of 7.5 per cent on a year-on-year basis. That showed the economy could rebound sharply soon. The nationwide lockdown, factory closure for many weeks and massive job losses wouldn't have meant anything else. The government acted on time with the launch of many schemes under AtmaNirbhar Bharat. The Reserve Bank also acted harmoniously with the government announcements. The combined action made Rs 27.1 trillion available for keeping the economy stable and on the path of revival. According to gov...
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