Aatmja Kumari(Intern Journalist): The country’s economy, which is going through a slowdown due to the coronavirus pandemic, is expected to pick up from next business year. State Bank of India (SBI) chairman Dinesh Kumar Khara said this on Saturday. He said that after the Corona crisis due to a change in thinking, the economy will be more mature than before, as companies will learn to reduce costs.
He was addressing a virtual annual general meeting of the Bengal Chamber of Commerce and Industry. Khara said that some changes in the perspective of companies will be permanent. The economy has seen some improvement after the fall due to the Corona crisis and some positive signs have been seen at the end of the June quarter.
He said the average capacity utilization of companies is around 69%. It will take some time for companies to increase investment demand. Cash-rich government companies can move ahead on capital spending plans, which can increase investment demand.
Khara said that the corporate sector would be very careful about taking loans and would like to use internal resources first. Core sectors like steel and cement have performed well after April 2020. They are in a strong position to tap the export market. However, the coronavirus epidemic has had the worst impact on travel, tourism, and hospitality.
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