Kovid-19’s fatal second wave may be a slight reassessment of India’s economic growth rate in the current financial year, but the country’s long-term prospects are strong, said Kumar Mangalam Birla, chairman of the Aditya Birla Group. In a recent annual report from group company Ultratech Cement Ltd, Birla said that disruptions in the production and supply chain would be less severe in the second wave of infectious disease compared to the first wave.
In addition, congestion and related economic activities will help to normalize rapidly with the increase in vaccination, he said. Rating agencies Moody’s and the Asian Development Bank (ADB) have already cut growth rates, while the government has adhered to a Gross Domestic Product (GDP) growth forecast of around 11 percent for the financial year to March.
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“The Reserve Bank’s continued housing finance policy and the anticipated increase in capital expenditure by the government are factors that will help improve growth,” Birla UltraTech said in a message to shareholders. In addition, the prospect of global growth offers opportunities as an additional strong driver for exports, he said. The country’s leading industrialist said, “The long-term future of the Indian economy remains strong.” Various initiatives, including incentives and a new labor code, are expected to promote a better investment and growth cycle in the medium term. ”
Birla said India’s economy was “on the road to recovery” in the second half of the financial year 2020-21, and then succumbed to the unexpected second wave of COVID-19. Mobility to a level a year ago, and this could lead to a re-evaluation of FY 2021-22’s growth projections. “
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