Expect rebound by February-March: CEOs
STORIES, ANALYSES, EXPERT VIEWS
Corporate leaders say despite disruptions and challenges, and business should rebound by February-March.
Larger markets such as Mumbai and Delhi have been able to deal with the third wave, without putting too much pressure on the healthcare infrastructure, and smaller cities too are expected to ride it out better than the previous ones, corporate leaders say. While employees having to take time off to recover from Covid infections did delay assignments and plans, relative mildness of Omicron, lower mortality levels compared with the second wave and large-scale vaccinations resulted in the absence of fear and stress among organisations.
Infosys founder NR Narayana Murthy said Indian industry has done a pretty good job at driving growth despite Covid. He added that Indian businesses will remain resilient with appropriate Covid protocols, vaccinations and greater planning. "We have to learn to live with the virus with more planning and less panic. I think the Indian economy is fairly resilient today and will be on a strong wicket."
Mitigating risks: Corporate chieftains say businesses have attempted to mitigate the risks arising from Covid in terms of planning, sourcing and strategy. Investment in robust and diversified supply chains, automation of processes, and accelerated digitalisation on the customer-experience side, have helped companies manage the aftermath of Covid better. Also, the absence of lockdowns has ensured less disruption and less panic.
"Fear is absent and there have been blips in demand, but we see lesser anxiety, leading to more business confidence,” said RPG Group chairman Harsh Goenka.
Positive consumer sentiment: Business leaders were of the view that consumer sentiment remained positive. "Consumer sentiment is far better after vaccinations and boosters. Business rebound is expected to be faster than before," said Indian Hotels Company Ltd managing director Puneet Chatwal. Businesses took six to nine months to bounce back after the first wave in 2020, three months to recover after the second wave, and six weeks in the third, he said.
Similar views were expressed by others CEOs.
