Growth will recover to up to 8% next fiscal, says KM Birla - Hindustan Times
close_game
close_game

Growth will recover to up to 8% next fiscal, says KM Birla

Hindustan Times, Mumbai | ByTanya Thomas
Aug 13, 2020 06:06 AM IST

Kumar Mangalam Birla said that most economies are likely to shrink this year. The nationwide lockdown had a more severe impact in urban India and on services that thrive on people’s mobility.

Billionaire 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 Covid-19 lockdowns.

Kumar Mangalam Birla said that most economies are likely to shrink this year.(HT Photo)
Kumar Mangalam Birla said that most economies are likely to shrink this year.(HT Photo)

“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.

Hindustan Times - your fastest source for breaking news! Read now.

Birla said that most economies are likely to shrink this year.

The nationwide lockdown had a more severe impact in urban India and on services that thrive on people’s mobility.

However, the economic disruption to the rural economy appears to be less severe, he added.

“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) is one such champion,” the Aditya Birla group chairman said.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News, Vijay Shekhar Sharma along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Tuesday, February 27, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On