Prime Minister Narendra Modi is addressing the Federation of Indian Chambers of Commerce & Industry’s annual general meeting and yearly convention today.
Modi’s address comes as India is trying to pull itself out of a recession after the Covid-19 pandemic left businesses battered. Although high-frequency economic indicators have started pointing towards a recovery, economists say that a lot of it is due to pent-up demand and a festive boost and underlying consumption remains subdued.
The government on its part has unveiled a series of measures since March to help the industry cushion some of the impact from the pandemic and to improve the demand scenario. Finance Minister Nirmala Sitharaman told Bloomberg TV on Dec. 9 that the government will continue to offer stimulus to boost demand.
FICCI has asserted that the administration should use the crisis to push through bold reforms and improve growth.