India will transform into middle-income economy by 2030: NITI Aayog vice chairman

NITI Aayog Vice Chairman Rajiv Kumar on Monday said India will transform into a middle-income country from a lower middle-income economy by 2030.

New Delhi: NITI Aayog Vice Chairman Rajiv Kumar on Monday said India will transform into a middle-income country from a lower middle-income economy by 2030.

Kumar also said that India will witness a recovery in investment cycle by April 2021 and beef up efforts on trade front as well.

On the coronavirus situation in the country, he said it is unfair to compare India's dealing of the COVID-19 pandemic with Western countries as resources and priorities are not the same.

Speaking at an online event by CII, Kumar said "Major programmes are focusing on health and welfare of those who are at the bottom of the pyramid and next (focus is) on the industry and business, reducing liquidity constraint and insolvency especially for MSMEs".

The Niti Aayog vice chairman noted that the government is working on saving lives and livelihoods.

"We will be on our way to economic transformation from a lower middle-income economy to a middle-income economy in this decade by 2030," he added.

"I am sure that India will reach recovery in the investment cycle by April 2021. India will make strong efforts to improve its trade at the global level," Kumar said.

Also participating at the event, BLP Group India President and CEO Tejpreet S Chopra said companies that can adapt and adopt new technologies will move faster to normalcy.

A lot of companies are using this time to innovate so that they can come out stronger after the crisis, he added.

Hero Enterprise Chairman Sunil Kant Munjal exuded confidence that businesses will definitely come out of the crises, and said they need to communicate well by sharing experiences and best practices.

(PTI Report)