Covid-19, Indian Economy To Bounce Back, says Gautam Adani

Gautam Adani, who heads the the
port-to-energy conglomerate Adani Group on Wednesday exuded confidence that the
Indian economy would bounce back from the downturn caused by the COVID-19
outbreak, saying it might take time but it is possible.
Billionaire International agencies from the World Bank to IMF have projected
that the Indian economy will grow at its slowest pace since the 1991 economic
reforms.
"Global economic history is full of major ups and downs. India's domestic
economy has always stood as a great shield in protecting the country from
global economic headwinds.
"I have no doubts that the nation will be able to rise above this crisis.
It might take time but there is ample optimism to show that it is
possible," he wrote in a blog on Linkedin.
The outbreak of pandemic has led to the government imposing a nationwide
lockdown that has shut factories and businesses, suspended rail and air travel
and restricted movement of people and goods. The result is a severe disruption
in the economy.
While the International Monetary Fund (IMF) has projected economic growth of
1.9 per cent in 2020-21, the World Bank sees India's growth at 1.5- 2.8 per
cent as the coronavirus outbreak severely disrupts the economy.
The Asian Development Bank sees India's GDP growth slipping to 4 per cent in
the current fiscal, while S&P Global Ratings has further slashed its
economic growth forecast for the country to 3.5 per cent from a previous
downgrade of 5.2 per cent.
Fitch Ratings puts its estimate for India's growth at 2 per cent in FY21, while
Moody's Investors Service has slashed its estimate of India's GDP growth during
2020 calendar year to 2.5 per cent, from an earlier estimate of 5.3 per cent.
"However alarming the post-Coronavirus world might seem to appear, it does
not pull me down. Instead, by looking around I get great hope and confidence to
bounce back," Adani wrote in the blog titled 'How COVID-19 helped
rediscover hope and goodness'.
The coronavirus, he said, can restrict movement but it cannot contain the urge
to fight and help each other. "It cannot stop us from being positive about
the future," he said. "Together, let us stay resilient and
hopeful."
He said rising global concern on
the vast implications of the COVID-19 outbreak on future is obvious with
anxieties mounting on economies, jobs and the very existence of mankind.
"However, amidst the gloom, there are several small discoveries that are
worth cherishing," he said as he went on to cite new discoveries that have
brought a ray of hope.
He cited MyLab Discovery Solutions, a small startup in Pune, becoming the first
Indian firm to produce indigenous coronovirus testing kits.
"What is even more inspiring is the story of Minal Dakhave Bhonsale, the
virologist who headed this project," he said adding she managed to deliver
the project amid an advanced stage of pregnancy. The project was completed a
day before she delivered a baby girl.
"Hundreds of such incredible stories that demonstrate resilience, hope,
and power of the human spirit are unfolding around us every day," he said.
Continuing to cite examples of innovation, he said a team of engineers at Adani
Port in Vizag created a sanitized water shower in just about 4 hours.
"Difficult times bring us closer and make us stronger to face any
eventuality. We must be able to look around ourselves and find these
narratives," he said.
Stating that he had come across several inspiring narratives on social media,
he said several families from different sections of the society have invested
their lockdown time in aggregating essentials for the underprivileged.
These are common people leading humble lives but what makes them extraordinary
is their intent to care for others. "Domestic helps, daily wage earners
and scores of people who earn their living by doing odd-jobs are being looked
after, not just by governments, large corporations or charitable organisations,
but by common people living around them," he wrote. "There are also
virtual groups of animal lovers who are feeding strays and ensuring that they
find safe shelter."
Similarly, a civil service aspirant, Naveen MS in Chitradurga district of
Karnataka took up the responsibility of creating awareness and dispelling myths
on corona virus among rural communities.
"What was most admirable was his vision. He thought that for the economy
to resurrect it was essential that people's minds stay healthy," he said.
"In fact, I feel gratified to see the community outreach work being
delivered by young volunteers at the Adani Foundation. Over the past three
weeks, millions settled in the remote corners of the country have been touched
and empowered to stay safe against the COVID19 outbreak."
He said this collective goodness
and love for each other hadn't erupted suddenly but it was always there within.
"The COVID19 crisis has only presented an opportunity for us to reflect
upon this feeling of compassion and worked as a trigger to unite people."