In a recently released report, brokerage Nomura said the June quarter will be the 'nadir' from a growth perspective and the economy will contract by 15.2 per cent and the GDP will not come into the positive territory in the remaining part of this fiscal.
It estimated contractions of 5.6 per cent in September quarter, 2.8 per cent for December quarter and 1.4 per cent in the March quarter, which will give a full fiscal GDP at negative 6.1 per cent.
“A century ago the response to a pandemic inspired a movement that became the change that people saw in the world. That is what we have in our sights now,” said he adding that is India’s opportunity in the decade ahead.
The pandemic, according to Chandra could be a catalyst towards the adoption of digital technology which will open health and education to millions. It can also be a starting point to towards building a more resilient economy and creating a more sustainable future.
“These are the three things we need to do to repair and fortify the fabric of the country. This is the springboard into a new India. This is the promise hidden in this crisis,” said the marathoner and the Tata lifer who has been steering the conglomerate since the current crisis.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.