Economic Revival Damaged by COVID, May take 6 Months In India: Experts

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.

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"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. (IANS)