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India likely to be one of the few bright spots in world overall economy: Bharat Hari Singhania

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NEW DELHI: Amidst coronavirus-related disruptions, advanced countries happen to be set to experience extented pains, while India will be expected to be one of the few bright spots in the world economy, according to JK Paper Chairman Bharat Hari Singhania.

The pandemic is here at a time when the American indian economy was already experiencing a rise slowdown, as reflected in lower discretionary spending around the last 12 weeks, Singhania said in their address to shareholders in the company’s annual statement for 2019-20.

He explained in almost 170 places, people are likely to deal with a decline in common income over the former year as well.

“The finish lockdown in India will be one of the almost all stringent, for (around) 70 days, where almost two-thirds of all economic exercise came to a running halt. While the state-of-the-art countries are set to experience prolonged pains, India is expected to be one of the few bright spots in the world economy, sustaining optimistic growth at 4.3 per cent for 2019-20,” Singhania said.

For the country, he said, “unfortunately, the COVID-19 pandemic reached a time when the American indian economy was already experiencing a rise slowdown, as reflected in lower discretionary spending around the last 12 weeks, particularly in automobiles, customer durables and high-end FMCG products.”

At an occasion when uncertainty prevails around the containment of COVID-19 and thereby the international economic recovery. “To make sure the economic engine begins moving, governments across the world are providing fiscal obama’s stimulus of varying magnitude,” he said.

This, Singhania said, “is important as the end consumers should be provided an adequate safety net to revive demand. That would evaluate if the projected V-shaped recuperation, where India’s GDP progress is expected to retrieve, will happen or not.”

Referring to the company’s efficiency in FY20, he explained at a time when the production sector in India will be faced with significant spare ability, with overall capacity utilization falling to around 68 per cent in the 12 quarter, both JKPM (JK Paper Mills) and CPM (Central Pulp Mills) have already been running at full ability.

“This augur well for the planned expansion, where were targeting to reach almost eight lakh tonnes per annum (TPA) by March 2021,” Singhania added.

He further more said, “the impetus will certainly mainly be in the packaging board segment, while keeping the focus on other sections too, particularly where we love to a leadership position in the market.”

JK Paper Vice-Chairman and Handling Director Harsh Pati Singhania said despite the drawback from the COVID-19 induced lockdown, the company’s designed capacity expansions are moving on as per schedule, “although help support from banks and lenders would be critical for people to adhere to timelines”.

“To take advantage of the growth momentum witnessed in the country’s paper segment, JK Paper is operating towards increasing its manufacturing capacity from 4.five lakh TPA to almost eight lakh TPA (including ability of The Sirpur Documents Mills Limited) by next year,” he added.

This ability augmentation is aimed at appreciably expanding the company’s product packaging board capacity to undertake growth opportunities on offer, using the proliferation of internet, digital initiatives and progress upsurge in the pharmaceutical products sector, Harsh Pati Singhania said.

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