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2021-02-07

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Developmental Issues
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External Affairs Minister S. Jaishankar has said the Indian economy is poised to grow by about 11% despite the COVID-19 crisis.

“It is not only the pent-up demand that is set to rebound but there is also the prospect of new growth in the post-COVID-19 era as per the Reserve Bank of India’s monetary policy for FY 2021-22,” Mr. Jaishankar told presspersons at the BJP State office here on Saturday.

On the stand-off in Eastern Ladakh, Mr. Jaishankar said military commanders of India and China had held nine rounds of negotiations to ease tensions following an agreement on the disengagement of troops.

‘Progress made’

“I believe some progress has been made but there is no visible expression of that on the ground. But talks will continue,” he said.

“While according priority to the infrastructure, manufacturing and healthcare sectors, efforts are on to increase investments in the agriculture sector and giving the much-needed push to liquidity, productivity, and credit flow where needed,” the Minister said.

Bad banks would take care of the non-performing assets that pushed some banks into an existential crisis, he said.

By converting the crisis into an opportunity, he said, India became the “pharmacy of the world” by supplying medicines such as paracetamol and hydroxychloroquine to countries across the globe. Besides, the number of manufacturers of ventilators had increased to 25 and there were 16,000 COVID treatment centres.

Thousands of industrial units were making masks and personal protection equipment.

Meeting in Moscow

Mr. Jaishankar said Defence Minister Rajnath Singh had met his Chinese counterpart in Moscow last year and he had interactions with top Chinese Foreign Ministry officials too.

It was then resolved to disengage in some areas but since it is a complicated process, it might take some more time for things to fructify, he suggested.

On the regime change in Washington and its implications, Mr. Jaishankar said Mr. Modi had earned a lot of respect in the U.S. since his visit to that country when Barack Obama was the President, Joe Biden the Vice-President and Antony Blinken the Deputy Secretary of State. “We still have an appeal and relationships that transcend politics,” he added.

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