Consumer demand coming to the rescue of Indian Economy

India is a consumption driven economy and therefore it is imperative to rekindle the real estate sector which has forward and backward linkages in the economy with huge multiplier effects. Amidst the cloud of uncertainty and challenging times ,a holistic view is significant however while addressing sector specific daunting tasks will undoubtedly help the nation navigate choppy economic storms.

Both factors, consumer demand and further stimulus measures will play their role in the process of rebuilding the economy. The resuscitation of consumer and business confidence is imperative for the progression of the economy and the Government of India needs to realign its policy and fiscal measures to ‘full throttle’ to accelerate the transformation journey. One needs to bear in mind that a robust domestic market will enhance the chances of the country to globally compete with other emerging economies better.

A famous saying -‘An optimist sees an opportunity in every calamity’ and we Indians are known to be resilient. The crisis has opened up multiple avenues of growth and numerous business opportunities, for entrepreneurs to take a leap of faith. As India aims for high growth, the advantage of a broad domestic market needs to be coupled with fiscal stimulus in Real Estate and Construction, to revive domestic consumption – which in turn, can result in a sharp turn-around in economic growth. To answer the question specifically, if the vaccine is ready by say, end of first quarter 2021, we should be as close to pre-COVID normalcy as would be possible by end-Q3, 2021.