Covid-19 set off once in-a-century crisis; economy may contract: K M Birla

Hindalco Industries Chairman Kumar Mangalam Birla has said Covid-19 and associated lockdowns have triggered a once in-a-century crisis for the society and the economy and the country's GDP may contract in 2020-21.

He mentioned that Covid-19 struck India at a time when the underlying economic conditions were subdued on account of heightened global uncertainty and stress in the domestic financial system.

"It is estimated that about 80 per cent of India's GDP originates from districts which were classified under red and orange zones during the lockdown, where economic activity remained severely constrained. Correspondingly, India's GDP is likely to contract in FY21, which