PM’s assertion of remaining steadfast on USD 5 trillion economy is a morale booster: ASSOCHAM

Thursday, October 29, 2020

New Delhi, 29th October 2020:
Prime Minister Mr Narendra Modi’s assertion that India would stick to its ambition of achieving the aspirational USD5 trillion economy by 2024 despite setback due to coronavirus, would reinfuse optimism in the industry and instil confidence amongst consumers, ASSOCHAM has said.
“The Prime Minister’s assertion, in a recent interview with the Economic Times, that India would try and run faster next year to make up for the loss (due to Covid-19) is a great morale booster for the industry and the consumers. His unfazed ambition of making India the world’s third largest economy would provide us confidence about bouncing back sooner than later,” ASSOCHAM Secretary General, Mr Deepak Sood said.
“The structural path-breaking reforms in agriculture, labour, coal, defence and civil aviation would yield promising results in the coming years,” Mr Sood said.
The ASSOCHAM Secretary General said, “The Prime Minister’s aspirations remain undeterred and are unmatched. When a narrative was sought to be built about the possible contraction in GDP due to Covid 19 disruptions, he has reminded us not to lose sight of the USD5 trillion mark.”
Mr Sood said the industry shares Mr Modi’s optimism, which is substantiated by a sharp recovery of various critical sectors of the economy - be it automobile sales, export recovery, robust agriculture growth or the banking and financial services. “The Prime Minister’s promise of taking all measures to stimulate the economy in a timely manner, too constantly is reassuring for the industry expecting further support from the government.”
Mr Sood said the Prime Minister has reiterated that the idea of Aatmanirbhar Bharat is not to be inward-looking and it is all about building global competence by Indian entrepreneurs. “Government is joining hands with the industry to make Indian entrepreneurs globally competent.”
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on
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