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India will revisit existing business models to propel growth: NITI Aayog tells UN

Prashasti Awasthi Mumbai | Updated on July 14, 2020 Published on July 14, 2020

Sustaining high trajectory difficult amid Covid-19, says govt think tank

The NITI Aayog, in its second Voluntary National Review (VNR) at the United Nations titled ‘Decade of Action: Taking SDGs from Global to Local’,said that India will review its existing business models to propel growth.

The report said maintaining a high growth trajectory will be difficult due to the economic blows caused by Covid-19.

It said: “While the Covid-19 pandemic has put forth severe breaks on the momentum of global economic growth, India is fast exploring ways of developing relevant sectors of infrastructure and industry, such as the pharmaceutical and health equipment sector. It is also revisiting existing business models in a post- Covid-19 world by aggressive adoption of Artificial Intelligence and technology-based products and services in education, health, and financial services, among others.”

The report said the pandemic has thrown up several challenges and these will be addressed in the shortest possible time.

It said India’s aim is to build a resilient system that will help face the next adversity with confidence and with minimal human costs. It strives to bring the economy back on track, after the devastating consequences of the pandemic, to generate the necessary employment and business opportunities.

Stressing on the Pradhan Mantri Garib Kalyan Yojana, it said: “In the wake of the Covid-19 pandemic, India’s response includes a $279-billion economic package, comprehensive health coverage for front-line workers and direct cash transfers for the most vulnerable, including unemployment protection for job losses, and income support through the Pradhan Mantri Garib Kalyan Yojana.”

India is a signatory to the 2030 Agenda for Sustainable Development and participates in the international review. The VNRs are presented at the UN’s High-Level Political Forums (HLPF). India had submitted its first VNR in 2017, one year after the system came into being.

 

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Published on July 14, 2020
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