Who will save Indian economy? Anand Mahindra reveals his knights in shining armour

Mahindra Group Chairman Anand Mahindra believes that farmers could be the saviours for the Indian economy that has been hit hard by coronavirus outbreak. Mahindra, on Monday, tweeted that India's economic revival will find its saviors in the farmers. Anand Mahindra was commenting on M&M tractor sales report for the month of May which outperformed the analysts' expectations.

He said that is a back to basics moment for India for both Indian economy as well as auto sector. “Economic recovery will be led by our farmers...’Back to basics’...” the tweet said.

The tweet comes as India has started the unlocking of country, by slowing opening different sectors and giving relief to industries. Mahindra was one of the firsts to suggest that a phase-wise opening of activities should be done. A day ahead of the fourth phase of nationwide lockdown to end, Mahindra had suggested 'Unlock 1.0' for the way forward.

"A lockdown, by definition needs to have a defined tenure and perhaps the word itself needs to have a limited shelf life. Maybe we now need to move away from the term and find an alternate for the way forward..'Unlock 1.0??” he had said in a tweet. 

WATCH Zee Business TV LIVE Streaming Online

The Mahindra and Mahindra chairman has been active on micro-blogging website lately, addressing different issues that have emerged due to the COVID-19 outbreak. He had stated that lockdown extensions are not just economically disastrous but also create another medical crisis due to its psychological effects. 

Earlier in the day, PM Modi showed confidence in the Indian economy, saying that the country will be back on its growth track soon, post the severe jolt due to the coronavirus pandemic. Speaking at a video conference to the industry body CII, the Prime Minister said that he has faith in the technology, innovation and intellect of the country which would help the economy revive.

Noting that strengthening the economy in times of corona is among the government`s highest priorities, he said: "Trust me, getting back growth is not that difficult."