Media Release

Udupi, Dec 29: “The global agencies like IMF and World Bank have recognised India as the fastest growing economy post the pandemic which has also been accelerated due to 38 start-ups recognised as unicorns in 2020 and a minimum of 3 unicorns emerging each month in 2021 and 63 IPOs. These start-ups are coming up in all areas, including agriculture, medicine, housing and even satellites (due to public-private partnerships) said Finance minister Nirmala Sitaraman.

Delivering a talk on MV Kamath Centenary Memorial Lecture on the topic ‘India and the Post-Pandemic Economic Reset’ organised by Manipal Institute of Communication (MIC) virtually. A formal function held on Tuesday December 28 at Dr TMA Pai auditorium, KMC Manipal here.

She further said, “The high- growth tertiary sector along with the changing middle-class investment patterns to stock markets are all aiding in this reset.”

The minister said there is sustainable growth momentum. Nature of savings and investment are changing. New India is emerging that can confidently deliver and perform. The Prime Minister has also successfully initiated climate friendly energy sources,” she said.

Elaborating on the decision taken by the government to prioritise the lives to that of livelihood, the finance minister said, “As many as 80 crore people are offered food grains. The lockdown is imposed in a scientific manner. The country has covered 95 percent of the population for the first dose in less than 12 months and 60 percent for the second dose. The precautionary shots will be given to the frontline workers and vaccination for 15 to 18 years age group shortly. In order to not to harm the economy, micro-level containment zones are planned.”

She also pointed out the problems faced by the nation, and said, “In 2020, many parts of the country got affected by natural disasters drought, floods and pre-monsoon rains after 100 years. That was also hit the Indian economy.”

She said that while the economy suffered extensively, especially in the first quarter of 2020, things have become better with a move from a complete lockdown to a partial lockdown and eventually, micro-containment zones.

“The people of India have been quite resilient through the pandemic. This, combined with government support is helping India reset its economy post-pandemic and realized humanity in life.

“The government handled Covid pandemic trickily by consulting people and approaching stakeholders. Now, India has become attractive and people are recipient and adjusted and have come out of all difficulties.

“The new ventures after Covid are leading India in the market. Raising money is an easy job in the market. IPOs are the indicators in the market. The nature of saving and investment is changing,” she said.

The minister spoke about how informal work is becoming formalised through the E-Shram portal, the GST framework is being adopted by most small businesses and India is emerging as an important contributor to the global value chain, especially through the PLI scheme and the focus on 13 champion sectors with policy-based decision making.

Sitaraman talked about her memories with M V Kamath and certain highlights from his reporting and writing career before delving into the topic.

Dr H S Ballal, pro-chancellor, MAHE, Manipal commemorated the personality and achievements of Dr M V Kamath in the event.

Dr Narayan Sabahit, registrar, MAHE, faculties of Manipal Institute of Communication and students were present.