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Kumar Mangalam Birla says GDP could grow by 6-8% in FY21

Date: 13-08-2020
Subject: Kumar Mangalam Birla says GDP could grow by 6-8% in FY21
Industrialist Kumar Mangalam Birla said India's gross domestic product (GDP) could see a 6-8 percent growth in the next fiscal year.

The Aditya Birla Group Chairman said the Indian economy will recover from the the "unprecedented economic shock" of the coronavirus-induced lockdowns, according to a Mint report.

"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.

He made the comments while speaking at the annual general meeting of the Aditya Birla Group.

Most global economies are expected to shrink this year, Birla said.

"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.

The lockdown has had a relatively milder economic impact on rural areas, when compared with disruption in urban areas, Birla said.

The International Monetary Fund (IMF) has forecast that India's economy will contract 4.5 percent in 2020, but will recover to see a GDP growth of 6 percent in 2021.

Source:- moneycontrol.com

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