Corona will cause a big drop in GDP

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-Kumar Mangalam Birla wrote to the shareholders

-Such disasters happen once in a century

New delhi date. 17 August 2020 Monday

In a letter to his shareholders, Kumar Mangalam Birla, a leading industrialist in the country, claimed that disasters like corona and lockdown occur once in a hundred years. This year's catastrophe is expected to lead to a sharp decline in Gross Domestic Product (GDP) in 2020-21. He wrote that Corona came at a time when the situation around the world was precarious and the situation was already sluggish as the domestic economy was under pressure.

Birla opined that more than 80 per cent of the country's domestic production takes place in the districts where the lockdown was declared due to corona. Red and Orange as well as container areas were declared. Production in such areas was more adversely affected. The economic situation in these areas was also dire. Given the fact that it can be said that in the current year i.e. 2020-21, the GDP will be less. This was the first time in the last four decades.

He further said that the quarterly lockdown imposed late last year and earlier this year had adversely affected the production situation in different states.

Under these circumstances, only well-founded companies with strong leadership and accurate administration could do well. The economy will be in turmoil, but the 2020 recession will be different than the previous one. Acknowledging the fact that the recession came quite suddenly and its adverse effects were even stronger.

However he added that the worldwide lockdown was now reversing. That was a good sign. We hope that the economy will pick up speed again if there is no second attack of corona infection.

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