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Core sectors bounced back to normal very fast – Piyush Goyal

Core sectors bounced back to normal very fast: Piyush Goyal

Piyush Goyal said that the hospitality, aviation, and tourism sectors are back to 50%-60% of pre-Covid levels, and will take another six to eight months to be normal, but compared with Western economies, these sectors have a relatively small share …
 
NEW DELHI: India’s construction, automobiles, and energy sectors have bounced back and the government will soon address the downturn in the commercial vehicles sector, commerce and industry minister Piyush Goyal said.
He added that the hospitality, aviation, and tourism sectors are back to 50%-60% of pre-Covid levels, and will take another six to eight months to be normal, but compared with Western economies, these sectors have a relatively small share in the GDP.
Wheels of the economy are fast coming back to normal. I think all the core sectors have ramped back to normal very fast. Energy, petroleum, gas, all of these are back to normalcy,” Goyal said at India Energy Forum by CERAweek on Tuesday.
“Steel is back to normal, cement is near normal, which leads us to believe that the construction and infra projects are almost back to normal … On commercial vehicles, we are still down. That’s a sector the government is focusing on and will address soon.”
Goyal also said India wants to open its doors and integrate further with the global economy. “We recognize that in this globalized world, India will have to engage in a much larger way with the rest of the world. We are looking at Atmanirbhar Bharat. It is misunderstood as a program to close India’s doors, but the reality is that we wish to open our doors wider,” Goyal added.
Steel is back to normal, cement is near normal, which leads us to believe construction & infra projects are almost back to normal … On commercial vehicles, we are still down. That’s a sector the government is focusing on.
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