Aditya Birla Group Chairman Kumar Mangalam Birla said the Indian economy is quickly normalizing towards pre-pandemic activity levels, notwithstanding the uncertainty about COVID-19 mutations and repeated infections exists.

Notably,  Vaccination is picking up pace, which would improve India's resilience against a potential third wave, the chairman of Aditya Birla Group said while virtually addressing shareholders at the AGM of group firm UltraTech Cement Ltd. Moreover, various steps taken by the RBI and the government have helped in containing the economic disruptions of the pandemic, Birla added. "Economic indicators show that the Indian economy is also rapidly normalizing towards pre-pandemic activity levels. In FY22, the Indian economy is projected to grow at a little below 10 percent," he said.

Birla added the fiscal stance clearly seems poised for an acceleration of government capital expenditure in the coming years, especially in relation to the National Infrastructure Pipeline projects. Alongside, there are very strong signals of a pick-up in the private sector CAPEX cycle, driven by companies like UltraTech, he said. "The three factors of cyclical upswing, conducive policy impulses and an improving global backdrop are likely to align themselves to position India for a virtuous cycle of growth and investments in the medium-term," he said.

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