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India to be back to high growth through reforms after overcoming pandemic: CEA KV Subramanian
Sep-16-2020

Chief Economic Advisor Krishnamurthy Subramanian has exuded confidence that the country would be back to a high growth path through reforms announced by the government, after overcoming the COVID-19 pandemic. He said ‘we have been there before (in this kind of economic crisis) and will do that again.’

He pointed out that core sectors like cement, steel, railway freight and Information and Communication Technology were all in positive territory for the first time since July 2019. He said ‘if you look at the Purchasing Managers Index (PMI), there was a sharp increase in both PMI for manufacturing and services. But to say that there has been a decline in the GDP over the last 12 quarters is incorrect'.

Earlier, He said the centre was requesting state governments to bring in changes in labour laws, which is within their ambit since some were more than a hundred years old. He mentioned there are many archived labour laws as wages and salaries, are defined in multiple ways, creating a 'compliance nightmare'… there are several states which are planning to bring in changes in labour laws.

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