Some Sectors Already Reviving, Indian Economy Will Bounce Back: Niti Aayog CEO

India will soon bounce back from the COVID-19 crisis as the economy is witnessing emergence of green shoots, NITI Aayog Chief Executive Officer (CEO) Amitabh Kant said on Tuesday. "We are already witnessing emergence of green shoots in the economy. We are seeing that key sectors like FMCG have already come back. I am optimistic that we will bounce back with vengeance," he said while addressing a session organised during FICCI FRAMES 2020.

India must identify 12 or 13 sectors in which it can be a global champion. "All of us need to be very clear that the pandemic is a massive challenge not just for India but for the world. Every crisis is also an opportunity. We must pick-up areas of growth which will help us emerge as winners for tomorrow," said Mr Kant.

The key areas will include big data, artificial intelligence, genomics, mobility, drones, creative industry along with media and entertainment. "These sectors will take India to a sustained level of growth in the next 10 to 12 years and create a vast number of jobs," he added.

Enumerating the importance of Atmanirbhar Bharat programme launched by the government, Mr Kant said that the government has brought radical reforms in various sectors like MSMEs and agriculture through this. "Atmanirbhar Bharat is not about isolation. It is about becoming a global champion," he said.On the role of public and private sector partnerships, Mr Kant said the role of technology and the use of digital platforms is increasing. "We are in touch with the private sector to build super apps in areas like education, health and agriculture."

He said the objective will be that the business model will be of the private sector and the government backing will give them the size and scale to reach domestic as well as global markets.

Meanwhile, Minister for Information and Broadcasting Prakash Javadekar said the government is formulating standard operating procedures for shooting and re-starting film making in India, which has come to a standstill in the wake of Covid-19 pandemic.

In his video message for the inaugural session of FICCI FRAMES 2020, Mr Javadekar said that virtual space is the new normal. He said the government will partner with the industry for progress of the sector and to harness the soft power of India, which is media and entertainment.