Gautam Adani says Indian economy will bounce back from lows inflicted by COVID-19

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AHMEDABAD, INDIA - JULY 19: Chairman Of Adani Group Gautam Adani poses for a profile shoot during an interview on Jlu on July 19, 2010 in Ahmedabad, India. (Photo by Ramesh Dave/Mint via Getty Images)

New Delhi: Billionaire Gautam Adani 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.

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.”

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