India is the only country that prevented the economic slump and managed to boost its growth, retaining the average inflation rate amid the coronavirus outbreak. The country coped with the first waves of Covid-19 and now it is ready to face the new ones.
Prime Minister Narendra Modi personally announced economic success. He said that India achieved significant economic results, despite combating the pandemic together with other countries. Notably, India is the only economy that managed to expand and maintain the inflation rate at 4-5%. Until 2014, the country reported a two-digit inflation rate. In the last two years, India has turned into the world’s leading producer of mobile devices and gained an influential position in the production of cars and batteries. The country has also increased efficiency in the agricultural sector and boosted employment. Nevertheless, the Indian economy has not achieved the pre-pandemic level yet. The Prime Minister pinpointed that the country’s government had proposed new financial strategies to step up industrial production and increase participation of small and medium businesses in the defense sector.
