[WEBCAST] Reforming And Recovering: Indian Economy Post The COVID-19 PandemicVIEW EVENT DETAILS
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The pandemic and the subsequent lockdowns sent economies all across the world into a tailspin. India spent early months of the pandemic orchestrating the world's largest coronavirus lockdown and preparing its healthcare system to combat and address the needs of its 1.3 billion people.
India's economy contracted by 23.9% in the first quarter of the current financial year, making this the worst slump since 1996. The International Monetary Fund has predicted that the Indian economy will contract by 10.3% in 2020-21 because of the lockdowns. To revive the economy, experts say that the nation will have to focus on a multitude of issues. In addition to continuing efforts to contain the spread of the virus they will also need to address the challenges of large scale unemployment, spurring domestic consumption, addressing infrastructural bottlenecks that impede manufacturing and ensuring credit supply to the small and medium enterprises sector.
According to research by Morgan Stanley, macro-economic indicators show a recovery for India. Exports have started growing as of September accompanied by a slight rise in imports. The government also announced a capital infusion and stimulus under the $266 billion flagship initiative, Aatma Nirbhar Bharat Abhiyaan, to ensure food security, rural jobs under MGNREGS and provide credit to small scale enterprises. But is this adequate? Will the Centre’s stimulus generate adequate demand and create new jobs in the economy? Will the governments' focus on monetary and credit policy to boost growth suffice? What are the additional fiscal and other measures required to boost growth and sentiment?
Join us for a discussion with Surjit Bhalla, Executive Director for India, International Monetary Fund, T V Narendran, CEO and Managing Director, Tata Steel and Ridham Desai, Managing Director, Morgan Stanley India. The discussion will be moderated by Menaka Doshi, Managing Editor, Bloomberg Quint.
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This programme will be live-streamed on Zoom and Facebook. Viewers can post questions in the comments during the live stream.
Surjit Bhalla is a former part-time member of Prime Minister Narendra Modi’s Economic Advisory Council. In addition, he serves as Chairperson for the Ministry of Commerce High-Level Advisory Group on Trade; Economic Adviser to the Fifteenth Finance Commission, Government of India. He is a regular invitee to the Aspen Institute Program on the World Economy, USA, since 2002. Mr Bhalla is also a Contributing Editor for Indian Express (since 2014). He was Founder-Chairman of Oxus Research & Investments 1997-2017.
T V Narendran is the CEO & Managing Director of Tata Steel Limited. Mr Narendran has over 32 years of experience in the Mining and Metals industry. He was a member on the Board of the World Steel Association and is a member of its Executive Committee. Mr Narendran was also the co-chair of the Mining & Metals Governors Council of the World Economic Forum from 2016 to 2018. He is currently on the Board of Tata Steel Limited and also serves as Chairman of Tata Steel Europe, Tata Steel BSL Limited, and Tata Steel Long Products Limited.
Ridham Desai is Managing Director at Morgan Stanley and heads their Indian Equity Research practice, one of the top-ranked equity teams in the country. In a career spanning three decades, he has been ranked one of the best equity market strategists and analysts in the country. Mr Desai has represented Morgan Stanley in several public debates on the equity market and the economy is a regular media contributor and has authored several insightful reports.
Menaka Doshi is Managing Editor at Bloomberg Quint – India’s leading multi-media business news platform. Prior to this, Ms Doshi worked at CNBC-TV18 as Executive Editor. In over 20 years at CNBC - TV18 she reported on companies, M&A, policy, law and tax, hosted several flagship news shows such as India Business Hour and was host and editor of The Firm - India's first television show on law, tax and audit. In 2005-06, Menaka was awarded the first Ramnath Goenka Excellence in Journalism Award in the category of Business & Economic Journalism (Broadcast).
For event details visit https://asiasociety.org/india/events/webcast-reforming-and-recovering-indian-economy-post-covid-19-pandemic For event details visit https://asiasociety.org/india/events/webcast-reforming-and-recovering-indian-economy-post-covid-19-pandemic
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