Economy has regained dynamism, showing faster than anticipated recovery: President Kovind

President Ram Nath Kovind on Monday said that the economy has started showing indications of recovery "faster than anticipated" and has "regained dynamism" and the slowdown induced by COVID-19 has turned out to be "transitory".

In his address to the nation on the eve of 72nd Republic Day, the President said the process of unlocking was carefully calibrated by the government in order to open up the economy without risking the lives of the people.

"This has proved effective and the economy has started showing indications of recovery faster than anticipated. The latest unprecedented collection of GST and India's emergence as a most favoured destination for foreign investment are indicative of our faster economic recovery," he said.

The President said the government has encouraged small and medium industries to unleash entrepreneurial spirit by providing easy loans to them and helped them to come up with innovative business ideas.

He also referred to economic reforms continuing apace, long-pending reforms in labour and agriculture and the launch of National Education Policy 2020.

"The net outcome of all these efforts is before us. After about a year of this unforeseen ordeal, India today stands not despondent but confident. The slowdown has turned out to be transitory as the economy has regained its dynamism. A self-reliant India has manufactured its own vaccine for COVID-19, and is now undertaking a mass vaccination drive, which will be the largest exercise of its kind in history," he said.

The President said that given the country's population density, diversity of cultural traditions, natural and geographical challenges, taking precautionary measures against COVID-19 was far more difficult for us. "Yet, we have managed to check the spread of the virus to a large extent."He also referred to difficulties faced by students due to conditions created by COVID-19 and said the institutions and teachers quickly adopted new technology.

"Despite the serious calamity, we have succeeded in taking forward our activities in many spheres. The pandemic threatened to derail the young generation's learning process, but institutions and teachers quickly adopted new technology and ensured that there was no break in education," he said.

The President lauded the Election Commission for holding polls in Bihar amid difficulties posed by COVID-19.

"By conducting not only free and fair but also safe elections in Bihar which has high population density and in union territories of Jammu and Kashmir and Ladakh with difficulties of access and other challenges, our democracy and the Election Commission have accomplished remarkable feats. The judiciary found help in technology and continued to function and dispense Justice. The list is long," he said.

( With inputs from ANI )