Covid-19 The biggest crisis of the century on the economy: Kumar Mangalam Birla

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New Delhi, 16 August 2020 Sunday

Kumar Mangalam Birla, chairman, Hindalco Industries, said the Covid-19 and its accompanying lockdown have posed a century-long crisis to society and the economy, and will reduce GDP in 2020-21.

In a letter to shareholders, Birla said the Covid-19 crisis came at a time when economic conditions were already sluggish due to global uncertainty and pressure on the domestic financial system.

Birla said, "It is estimated that 80 per cent of the country's GDP comes from districts that were classified as Red and Orange Territories during the lockdown.

Economic activities in these areas were badly affected. Therefore, GDP will decline in the current financial year and this will be the first time in four decades. "It's hard to predict the 'fog' of uncertainty right now," he said.

Good companies will become champions

There is no doubt about the reality, he said, that companies with better leadership, solid business foundations and better backgrounds will emerge as 'champions' in these challenging times. But we will see a decline in the economy.

The 2020 recession will be different from the situation in the past. Birla said that this came very suddenly and its spread has been such that every economy and sector has been affected by it. The decline in economic activity and employment is widespread.

The leading businessman said that the positive side of this is that if the second round of epidemics does not start, the recession will be for the shortest period. Lockdowns are currently being lifted from around the world, and businesses have started with that. In such a situation, economic activities will get on track very quickly.

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