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'Economic revival may take 6-9 months'
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SME Times News Bureau | 31 May, 2020
India will emerge stronger from multiple crises of economy, pandemic and
super cyclone in the next 6-9 months, say industry leaders, based on
the resilience shown by people, businesses and the government.
The
telecom and information technology will be key to survival and revival
of lives and economy, said the business leaders as they shared their
views on challenges faced by the Indian economy at a webinar organised
by Confederation of Indian Industry (CII), Delhi.
"Covid-19 has
resulted in the world adopting to the ‘new normal' by accelerating
business transition towards digital practices. IT as the backbone of the
economy responded immediately to this crisis as the industry was
prepared and working towards digitalisation," said Sujit Baksi, Head-
APAC Business & President, Corporate Affairs at Tech Mahindra.
"Today
around 93-94 per cent of our workforce is working from home. We see
this as an opportunity for our industry to change the way of working and
an enhanced engagement with the telecom sector, which has emerged as a
lifeline, yet again. I am confident that the IT industry will bounce
back in the second half of the financial year," Baksi told the webinar
on "New Normal: Impact of Covid on Business and Economy".
According
to Prativa Mohapatra, VP Sales at IBM India/South Asia, as the new
normal sets in, leadership, decisiveness, empathy and teamwork will
become more essential.
"The telecom industry has emerged as the nervous system and IT as flesh and blood in the current pandemic," she said.
Rajan
Mathews, Director General, Cellular Operators Association of India
(COAI), the challenges also presents the telecom industry the
opportunity to innovate and create critical solutions indigenously which
can be globally scalable.
"Our industry faces an unprecedented
financial crisis and at the same time we require investments in our
infrastructure so that we can be future ready to take up emerging
challenges," he said.
According to Prashant Solomon, Managing
Director, Chintels India Pvt. Ltd and Treasurer, Confederation of Real
Estate Developers Association of India (CREDAI) NCR, the lockdown has
greatly impacted the real estate sector which is the second largest
employer in India.
"Operational resilience along with strong
government initiatives, like increased liquidity and one-time
restructuring of loans, are necessary to help the sector recover. CREDAI
recently specified these requirements in an open letter to the PM and
we are looking forward to further support," Solomon said.
"We are
entering in an economy contraction of 5 to 15 per cent depending on the
industry and this economic crisis is unique for India as we have not
experienced something like this in decades," said Aditya Berlia,
Chairman- CII Delhi, Co-Promoter Apeejay Stya and Svran Group.
"CII
has immediately responded and is helping during the crisis but we know
more can be done and will be done. The steps taken by the government are
fantastic for the medium-term but what we require is something which
can help businesses next week, not in six months.
"We believe
that in the next six months of this year Covid-19 economic issues will
begin to be resolved, and then we will see things moving up," Berlia
said.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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