PremiumBillionaire industrialist Kumar Mangalam Birla expects the Indian economy to grow by 6-8% in the next fiscal, rebounding from the “unprecedented economic shock" caused by the coronavirus lockdowns.
“The gradual unlocking of the economy is reflecting in improvement in some economic indicators like GST (goods and services tax) collections, electricity consumption, etc. However, they are not yet back to pre-covid-19 levels," Birla said at the annual shareholders’ meeting of the Aditya Birla group’s flagship Ultratech Cement Ltd on Wednesday.
Birla said that most economies are likely to shrink this year.
While the nationwide lockdown had a severe impact on urban India and services that thrive on people’s mobility, the economic disruption to the rural economy appears to be milder, he added.
While the novel coronavirus pandemic has caused many disruptions, the Aditya Birla group chairman said that these will also present opportunities to industry leaders to emerge from the crisis as stronger entities.
“Periods of turmoil have historically presented an opportunity for industry leaders to emerge as champions — powered by quality leadership, financial strength, and sound business fundamentals. With unmatched capacity, leadership across markets and a robust balance sheet, your company (Ultratech Cement) is one such champion," he said.
Birla added that the novel coronavirus pandemic has forced people to learn new skills, build new muscles and confront an unpredictable world.
“The battle against covid-19 is turning out to be a defining test for nations, society, corporations, and individuals. The forces at play are novel, like the virus that caused this upheaval. From companies to individuals, resilience is being tested like never before," he said.
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