It’s double trouble for India — a health cri-sis and a tumbling economy, both at once. On one hand, Covid-19 cases in the country have exceeded 4.5 million, making it the worst affected after the US. On the other, the economy is in a free fall as gross domestic product (GDP) contracted 23.9 per cent in the April-June quarter. Largely, because over the past seven years, all four engines of growth – exports, private investment, consumption, and public expenditure — have crashed, one after another. The last two, as recently as the past three years.
There is growing demand from industry and economists for an urgent second stimulus. But the Centre believes that must wait until a vaccine hits the market and economic activity resumes thereafter.
Business Today spoke to eight leading economic and market experts – Arvind Virmani, Chairman, Foundation for Economic Growth & Welfare and former Chief Economic Advisor; Subhas Chandra Garg, former Finance Secretary; Pronab Sen, former Chief Statistician of India; Nilesh Shah, Group President & Managing Director of Kotak Mahindra Asset Management; D.K. Srivastava, Chief Policy Advisor, EY India; P. Thiagarajan, DMK legislator representing Madurai Central Assembly Constituency and former MD, FM Sales, Standard Chartered Bank, Singapore; Rashesh Shah, Chairman and CEO, Edelweiss Group, and N. Sivaraman, MD & Group CEO, ICRA — to ask them how to fire up the four engines of the economy, and where to find the money.
This story is from the October 04, 2020 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 04, 2020 edition of Business Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Picking Up The Paytm Pieces
Paytm Founder Vijay Shekhar Sharma Is Back In The Trenches After Rbi's Recent Action Left Him Without A Banking Platform. There Are Still Some Opportunities, But He Will Have To Move Swiftly To Grab Them
PMS Vs MF The Big Fight
How do mutual funds and portfolio management services match up? Know the score on structure, rules, entry fees, charges, and tax perks to pick the right path for your financial journey
Four Levers Of Enterprise AI Strategy
Wide-scale private sector AI deployment and new AI-based business opportunities and ecosystems can truly supercharge the Indian economy
"Don't let a unique chance slip by"
JEFF MAGGIONCALDA | CHIEF EXECUTIVE OFFICER | COURSERA
THE INCOMING DISRUPTION
The disruption in the industrial sector is still unknown, but inevitable. Companies need to wake up
THE WHEEL WHISPERER
For Manan Shah, Managing Director of MICL Group, luxury cars are not about showcasing one's wealth or status. It is about personal well-being
TRIPPING WITH TECH
A road trip is an adventure like no other. While you take in the experience, get some peace of mind with these nifty gadgets
Transforming Spaces
WHETHER YOU WANT TO REDECORATE YOUR BEDROOM OR HALLWAY, A GORGEOUS WALLPAPER ADDS FLAIR TO YOUR HOME AND ALLOWS YOU TO STAMP YOUR STYLE IN YOUR NEW ABODE
ALPHATALE
MONEY MANAGERS TO THE AFFLUENT DELIVERED ROBUST RETURNS TO INVESTORS IN THE PAST YEAR, THANKS TO THE BUOYANCY IN THE MARKETS. BUSINESS TODAY DECODES THEIR STRATEGY
"THE ALTERNATIVES SPACE CAN GROW 3X IN FIVE YEARS"
Vikaas M. Sachdeva, MD of Sundaram Alternates, talks about where India's alternative investment industry is headed