With COVID-19 led economic fall out across the globe, Sajjan Jindal, Chairman of JSW in an exclusive conversation with CNBC-TV18 said that India’s GDP in FY21 will contract by 5 percent as against economists estimates of 5-10 percent. The government should also focus on bringing down interest rates for both consumers and corporates and expedite the disinvestment process.

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He also emphasised that the government needs to focus on reducing interest rates for both consumers and corporates to push growth in India.

“Interest rates must be brought down for individuals & corporates, as rates are very low abroad and too high in India. The government’s focus should be on how to reduce interest rates available to consumers and Banks must be able to take risks & start lending money to those who need it” said Sajjan Jindal in an exclusive conversation with CNBC-TV18.

On being asked if the JSW group would be interested in strategic sales offered by the government, he emphasised that the disinvestment process is very slow in India and requires a strong minister to drive the process to a conclusion.

“Finance Ministry's workload is quite large, we need a strong disinvestment minister as the value of a Public Sector Undertakings gets constantly eroded with delays in disinvestment. The divestment process is very slow, we as a company can always evaluate when the list comes out. We will continue to scout for assets in our steel industry which makes strategic sense” said Jindal.

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As economic activities gather steam from today, Jindal is of the idea that India as a country needs to get back to full capacity sooner to be the successful economy it aims to become.