Despite the setback suffered on the economic front due to the onslaught of COVID-19 pandemic, there are some signs of the revival of economic activities as the country has entered the unlock phase. The industry has also derived its optimism from the recent report of RBI, “State of the Economy,” in which the apex bank has stated that industrial production and exports have surged amid the pandemic protocols.
As per the report, despite the second wave, goods and services tax (GST) collection in 2021-22 so far has been better than in 2020-21. Meanwhile, as the industry has now geared up for recommencement of economic activities in a gradual manner, the veterans of the industry including real estate, pharma, healthcare, education, power, furniture, steel tubes, hospitality and legal sector are of the opinion that now the worst is over and the industry is well on the path of gradual recovery.
Mr. Ajay Chaudhary, Chairman and Managing Director, Ace Group said, “Despite the pressure points, the industrial sector has already started recovering. The real estate sector has been following all the Cororna protocols with maximum use of digital tools since the first wave of the pandemic. Moreover, the COVID vaccination drive has also made considerable headway. The investor sentiment is also bullish on the back of the availability of ready to move in or nearing completion inventories at low prices. Looking at all these factors, we can easily ascertain, real estate sector is set to achieve high growth and it hopes for a gallop.”
Mr. Kapil Jain, Chief Executive Officer, Nicholas Healthcare added, “In our efforts to quickly bridge the gap in demand and supply of crucial medicines and equipment, we have attained success in on time delivery of prescription drugs, supply of critical care medicines, medical consumables and lifesaving medical equipment and devices like Medical Oxygen Concentrator during the pandemic. As the second wave of the pandemic has finally receded, we look forwarded to further continue with our mission of bringing new technologies and products in India to help doctors and hospitals provide excellent care at affordable price. The healthcare segment in India is growing at a brisk pace as the healthcare as a subject has now got all the necessary attention it deserves.”
“Despite the swift spread of COVID-19 pandemic delivering a heavy blow to the Indian economy, the industry has started showing signs of quick revival as COVID curbs have eased. We believe the Indian industries are set to be back to a high growth trajectory on the strength of quick revival of demand in markers,” said Mr. Anil Gupta, Managing Director, Okaya Power Group, adding that “The businesses have already realized that large-scale vaccination is the only key to restore consumer confidence, hence it is time to raise awareness about COVID-19 vaccines among people who may be hesitant in getting jabs.”
The success story of vaccination drive has also reignited hopes for the bright future of hospitality industry. Mr. Arvind Singh Mewar, Chairman and Managing Director of HRH Group of Hotels, Udaipur, said, “Tourism, and the hospitality industry as a whole, has seen traumatic times since March-April 2020. While we laud the efforts of the government, both at the Centre and the State, to revive the economy and ensure that livelihoods are preserved, I must say that we have a long way to go. The successive waves of the pandemic are setting us back each time. As responsible corporate citizens, we are adhering to the rules and regulations regarding Covid-19 and ensuring that the vaccination programme continues unhindered. The governments macro-economic policies of boosting the economy, and extending liquidity windows, have to be matched with direct financial aid and assistance for the tourism industry at the ground level in all the states of India.”
Mr. Sanjay Gupta, CMD, APL Apollo added, “Undoubtedly the RBI has come out spreading positivity with its report. The industries in India remain committed to further raising awareness regarding the COVID-19 protocols. Despite the impact of the pandemic, the strong fundamentals of Indian economy have resulted in holding out the hope for a bright future of the industries including the branded structural steel tubes manufacturers like us. We believe the entire industrial landscape of the country is now poised to bounce back on higher growth trajectory.”
Mr. Deepan Garg, Director, Ruchira Green Earth said, “It is heartening that RBI’s report has spread enthusiasm and injected new wave of energy in the current economic scenario and we look forward to the industry achieving higher efficiency and productivity.” Echoing similar sentiments, Dr. Sanjay Gupta, Chairman, Ramagya Group added, “There may have been disruptions on account of the COVID-19 pandemic, the fundamentals of Indian economy are strong and it has inherent capability to achieve higher growth rate, hence the entire industrial sector must remain optimistic.”
Mrs. Bhavana Bindra, Managing Director, REHAU South Asia said, “The country’s call for Atmanirbhar Bharat has undoubtedly encouraged organizations to get more localize. Growing at a CAGR of more than 20%, REHAU India is very positive to acquire exponential growth from 2021 onwards. In these challenging times of COVID where market is taking its twists and turns, we foresee to pursue the dream of our respected prime minister and bring in “Make in India” solution in various product categories”.
Mr. Rizwan Sajan, Chairman and Founder of Danube Group said, “Indian economy is on a gradual recovery path but to sustain this level it is a must that people follow COVID appropriate behavior and the government also strengthens health infrastructure at all levels whether primary, secondary or tertiary. At the same time, we must not forget the recent devastation done by this pandemic and so it’s also imperative for the entire industrial sector to come forward and raise awareness.”
“Considering that immunization is the only respite against COVID-19, there is a need of vaccination for all. All the stakeholders of the industries including the real estate sector must ensure that their workers get vaccinated at their construction sites,” added Mr. Arjunpreet Singh Sahni, Executive Director, Solitaire Group.
Mr. Anupam Ghosh, Director, Anondita Healthcare Limited said, “Amid the pandemic, healthcare has taken center stage and India’s spending on healthcare is way lower than other countries, and COVID-19 pandemic underlines need for higher budget. We urge the Govt. to increase expenditure on healthcare to at least 7% of the GDP to deal with such pandemics in future.”
“The accelerated COVID-19 vaccination drive has opened new chapter of hope in the battle against this dreaded virus. The legal sector has already prepared itself to tackle the challenges with the help of technology as most of the courts are now operating as e-courts. The new online mode has also helped in saving a lot of time of the lawyers and the litigants. While the legal sector is undergoing a paradigm shift, we look forward to embracing more innovation and technology to evolve and grow,” concluded Mr. Som Mandal, Managing Partner of Fox Mandal.