“PM Modi’s Tika Utsav is another bold move to well-arm citizens to win over the virus while keeping the economy on track.” – Shri SK Narvar, Chairman, Capital India Finance Corp.
We speak to Shri SK Narvar, Chairman, Capital India Corp about the second wave of the coronavirus pandemic in India and its potential impact on the economy and its future.
Below are Excerpts from Interview:
Ques: India is once again facing a rapid increase in the number of COVID-19 cases. Your comments?
SK Narvar: First, I wish to congratulate Prime Minister Narendra Modi for announcing the “Tika Utsav’. It is another unique endeavour to mobilize the country’s citizens to ensure faster vaccination and safety for everybody. We have to keep focussing on “Test, Track, Treat,” as mentioned by him.
Unfortunately, the virus seems to have become more transmissible in the second wave. To control the rising infection rates, governments are announcing localised lockdowns. These steps are the need of the hour. Only responsible collective action can contain the virus.
Ques: How will this impact the economic activity across the country?
SK Narvar: It would be imperative to note that the gap between the first peak and the start of the second wave has been 151 days in India. Globally, the gap between the two peaks has been much shorter. This implies the readiness of the health infrastructure and awareness of the standard operating protocols at this time. We also have the advantage of vaccination this time around. And hence, I believe that we are well-armed to cope with the downside risks of the virus on the economy.
Ques: In his speech yesterday, the Prime Minister mentioned that the pandemic is an opportunity to reshape the world order. Would you agree?
SK Narvar: Indeed, I believe that in every challenge lies an opportunity. The pandemic has presented us with a prospect to reinforce our position as a global leader. Our endeavours to bring a “much-needed supply” of the COVID-19 vaccines to the world market, along with other critical medical supplies such as ventilators, PPE kits, diagnostics, and medicines, have been duly applauded globally.
The Central government’s hands-on approach in enabling India’s contributions to the worldwide fight against the pandemic will go a long way in enhancing our perception as a trusted partner in global value chains. They will significantly add to our economy’s attractiveness as a business destination in the time to come.
Ques: Can you elaborate on the factors that will contribute to India’s resilience and economic comeback?
SK Narvar: The AtmaNirbharBharat Abhiyan announced by the government in May 2020 will play a pivotal role in stimulating India’s economy. Further, the massive boost to infrastructure and capital expenditure in the Union Budget 2021-22 will play an important part. In combination with the determination and resilience of India’s entrepreneurial spirit, both these factors will contribute to India’s economic revival.
Ques: Lastly, how can we combat the second wave of the coronavirus?
SK Narvar: As Prime Minister Narendra Modi said in his meeting with chief ministers of all states recently, focussing on “Test, Track, Treat,” COVID-19 appropriate behaviour, and COVID-19 Management is a must. As he said, we must concentrate on micro-containment zones and continue alertness about coronavirus. Vaccination is the only way to combat the deadly virus. I would urge everyone to get themselves vaccinated as soon as they are eligible.
