Unemployment rate is expected to remain higher in the post coronavirus period if economic growth doesn't revive, said Ajay Piramal, Chairman, Piramal Group. While companies may still survive the downturn, many people may not be able to do so, Piramal warned. Since several sectors may adapt to new ways of doing business, probably 20 to 30 per cent of migrant labourers may not find work as a result, Piramal said while speaking at a CEO's session held over virtual platform on the theme of 'Getting Growth Back' at the annual session of Confederation of Indian Industry (CII) on Tuesday.
The veteran industrialist also said that a sense of urgency is required in implementation of policies to address the issue of growth to overcome the current crisis. "How do we overcome the present crisis. Over the past several weeks, many policy announcements have been made, both for the short term and the long term. I find there is a difference in what the policy is articulated and when ground implementation takes place," Piramal said.
"We need to have an urgency in the implementation of policy. We don't have to be perfect... we need to move faster. What in a normal time would have taken one year for a policy to be implemented, it ought to be done in less than a month," Piramal noted.
Meanwhile, Prime Minister Narendra Modi earlier on Tuesday addressed the same session and assured India Inc that growth in the economy will return soon as the government continues to pursue multiple reforms. It comes at a time when India's GDP growth has slumped to 3.1 per cent in the fourth quarter of 2019-20. The annual growth rate for 2019-20 dropped to 4.2 per cent, the lowest in 11 years.