COVID-19 triggers once in-a-century crisis : Birla

BusinessCOVID-19 triggers once in-a-century crisis : Birla

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COVID-19 triggers once in-a-century crisis : Birla

New Delhi: Hindalco Industries Chairman Kumar Mangalam Birla has said that the covid-19 and its accompanying lockdown have created a once-in-a-century crisis for society and the economy and this has led to the growth of GDP in 2020-21 ( GDP) will be reduced in size. In a letter to shareholders, Birla said that covid-19 has come at a time when economic conditions were already sluggish due to global uncertainty and pressure on the domestic financial system.

Birla said, “It is estimated that 80 percent of the country’s gross domestic product comes from districts that were classified as red and orange regions during the lockdown. Economic activities in these areas were severely affected. In such a situation, GDP will fall in the current financial year and this will be the first time in four decades. ”He said that it is difficult to make any guess at the ‘haze’ of uncertainty at this time.

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