Amid COVID-19 market crash, Anand Mahindra tweets tips to boost growth

For India, it’s a crisis we mustn’t waste, said Mahindra in a series of tweets on Monday

Indian business tycoon Anand Mahindra.

In the midst of every crisis lies great opportunity, said Albert Einstein. Perhaps, taking a cue from it, business tycoon Anand Mahindra, on Monday (March 9) tweeted calling for taking advantage of the crisis caused by the rapid spread of coronavirus.

In a series of tweets titled ‘For India, it’s a crisis we mustn’t waste’ Anand suggested that India can explore three opportunities amid this global crisis.

Mahindra wrote, “A) The Govt can use low oil prices both to spur consumption but also retain some of the windfall gains to tackle the deficit. (1/2)”

Secondly, he had a word of advice on how to boost tourism. He suggested, “…B) Step up sanitization & the Swachh movement which will make India more appealing to tourists looking for alternatives to China”

Related news: Sensex drops over 1500, Nifty cracks 417 points as crude oil prices sink

Finally, he recommended steps to boost manufacturing by tweeting, “C) Step up our incentives & ‘step down’ regulations for global investors who will now look for alternative manufacturing sites to China. (2/2)”

The domestic Indian markets suffered a huge loss on Monday at the beginning of the trading session in the morning. With the Sensex slumping beyond 5 per cent by 1 pm, the markets went into a tailspin triggering panic selling in Asian markets.

As on date, more than 100 countries have reported cases of COVID-19 with the global figures crossing one lakh. Also, the worldwide death toll has reached 3100, according to the World Health Organisation (WHO).

India has reported 43 coronavirus cases so far and the government is keen to take preventive measures to curb its spread.

Related news: Oil prices drop 20% after Saudi Arabia’s tirade against other producers

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