It has been a full year since India went into lockdown amid the COVID-19 crisis. For the first time in decades, India was facing a precarious position, with slowing growth, rising unemployment, and a choked financial system.

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The second advance estimate for FY21 released by the government shows that the GDP is sliding into an 8 percent contraction. But there are some green-shoots that have appeared after a trying year. We recorded a 0.4 percent GDP growth in Q3 marking the ending of the recessionary phase.

While the Indian economy and the corporate sector are seeing a flush of optimism amid the COVID-19 pandemic, India Inc's quarterly net profit reached a record high of Rs 1.64 trillion in December, and agriculture remained a bright spot as auto sales picked up.

However, IIP data for January contracted after recovering in December and inflation was at a three-month high.

Uday Kotak, President of CII and MD & CEO, Kotak Mahindra Bank, Chandrajit Banerjee, Director General, CII, Sunil Kant Munjal, Former President of CII and Chairman, Hero Enterprise and Nikhil Sawhney, Chairman- Northern Region of CII and Vice Chairman and MD of Triveni Turbine discuss rebuilding India's economy after the COVID-19 crisis.

Speaking about revival of the investment cycle, Sunil Munjal said, "One of the things which will drive some of the investments is what we are calling the servicification of the economy which is the digital tools being used even with the most conservative and traditional business."

Uday Kotak said, "We are now in the midst of potential risk of COVID 2.0 as we talk but we seem to be getting more understanding about what are the challenges and what needs to be done and therefore even though the pandemic has not gone our understanding of what needs to be done is much better today."

"I really hope that we can cover 300 million Indians by June and July this year at least if not more. India’s time is now, we must grab this opportunity to take this turning point in history, transform India into a new world, and in that context, the government is giving us confidence that they are supporting private enterprise and job creation. We have to take this mantle and run from the point of view of Make in India happen now," he added.

On the vaccination program, Banerjee said, "We are focusing on this point in time is to see how certain norms especially protocols where we have opened up and where we need to keep our businesses going, industry going strict protocols are followed. Vaccination program CII has been advocating that we need to open up much more. Also, the private sector can play a very useful role and a responsible role which such caveats we are able to take the vaccination program faster and much more meaningfully."

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(Edited by : Jerome Anthony)