India likely to be one of the few bright spots in the world economy: JK Paper Chairman
Bharat Hari Singhania said India is likely to sustain positive growth at 4.2 percent for the financial year
India is expected to be one of the few bright spots in the world economy amid coronavirus-related disruptions when advanced countries are set to experience prolonged pains said JK Paper Chairman Bharat Hari Singhania.
"The complete lockdown in India is one of the most stringent, for (around) 70 days, where almost two-thirds of all economic activity came to a grinding halt. While the advanced countries are set to experience prolonged pains, India is expected to be one of the few bright spots in the world economy, sustaining positive growth at 4.2 percent for 2019-20," Singhania was quoted as saying in the CNBC report.
He further said that governments across the world are providing fiscal stimulus of varying magnitude in the times of uncertainty due to the Covid-19 pandemic. This is important as the end consumers must be provided an adequate safety net to revive demand, he said as per a PTI report carried by CNBC.
The report quoted JK Paper Vice-Chairman and Managing Director Harsh Pati Singhania as saying that despite the setback from Covid-19, JK paper’s planned capacity expansions are progressing as per schedule. He further said that support from banks and financial institutions would be critical for them to adhere to timelines as per the report.
He further revealed that the company is looking forward to increasing its production capacity from 4.5 lakh TPA to 8 lakh TPA including the capacity of The Sirpur Paper Mills Limited by the next year as per the report.