Business Bureau ;
The CEOs of top 115 companies who met at CII’s National Council earlier this week indicated revival of business sentiment and a gradual rise in expected corporate performance in a poll, raising hopes that a steady recovery of India’s economy is on anvil. The CEOs, who took the poll, included representatives from across sectors like metals and mining, manufacturing, auto, pharma, health, energy, infrastructure, construction and leading services sector including ITES, health hospitality tourism and e-commerce, the Confederation of Indian Industry (CII) said on Sunday.
“A steady recovery of the Indian economy is on the anvil as corporate India restarts business and economic activity with lockdowns being increasingly relaxed in many parts of the country,” the chamber said. India Inc is now estimating a capacity utilisation of more than 50 per cent in the second half of this financial year, it added. However, according to CII, governments both at the Centre and states would need to focus on livelihoods in addition to lives, and hence efforts need to be made to stall the practice of sudden and ad-hoc lockdowns announced by states as well as districts.
The lockdowns not only further disrupt the revival of economic activities but also do not yield the desired results on lives either. “It is important to allow a complete opening up of the economy for demand to pick up which in turn will propel capacity utilisation,” CII said, adding that the uptick in demand is expected to gain momentum with the festive season round the corner. The unlocking of most economic activities along with revival measures announced by the Centre and RBI have contributed to the gradual improvement in business sentiments, it added.