ILC 2020 E-Conclave
THE PANDEMIC
The slowdown has become a most debilitating recession. It will take some urgent and daring interventions from the government to pull the economy out of this deep hole. The Covid-19 pandemic, the protracted lockdowns and weak demand have devastated millions of businesses across India, both large and small, pushing millions into bankruptcy. The service sector remains the worst hit, especially for firms in retail, hospitality and travel. Several MSMEs (micro, small and medium enterprises) are struggling to survive or are working at a fraction of capacity.
THE ROAD TO RECOVERY
The recovery in 2021 is projected to be at 5.2% – lower than the June 2020 projections. After 2021, global growth is expected to ease off at 3.5% in the medium term. Except for China, where output this year is expected to exceed 2019 levels, advanced, developing and emerging market economies are expected to see lower output even next year
FOOD FOR THOUGHT
Through this year, as India bravely fought the global pandemic, the world saw India’s national character.The world also saw India’s true strengths.It successfully brought outtraits that Indians are known for:A sense of responsibility.A spirit of compassion.National unity.The spark of innovation.India has shown remarkable resilience in this pandemic, be it fighting the virus or ensuring economic stability.This resilience is driven by the strength of our systems, support of our people and stability of our policies.It is because of the strength of our systems, that we could provide food-grains to around 800 million people, Money to 420 million people, and free cooking gas to around 80 million families.It is because of the support of the people who practice social distancing and wearing of masks that India has given such a strong fight to the virus.It is because of the stability of our policies that India has emerged as one of the world’s preferred investment destinations.
