Economy rapidly normalising towards pre-pandemic levels: Kumar Mangalam Birla

TIL Desk/Business/New Delhi/ The Indian economy is rapidly normalising towards pre-pandemic activity levels, even as uncertainty exists about coronavirus mutations and repeated infection waves, industrialist Kumar Mangalam Birla said on Wednesday.

Vaccination is picking up pace, which would improve India’s resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd.

Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added. “Economic indicators show that the Indian economy is also rapidly normalising towards pre-pandemic activity levels.

“In FY22, the Indian economy is projected to grow at a little below 10 per cent,” he said. He added the fiscal stance clearly seems poised for an acceleration of government capital expenditure (capex) in the coming years, especially in relation to the National Infrastructure Pipeline projects. Alongside, there are very strong signals of a pick-up in the private sector capex cycle, driven by companies like UltraTech, he said.