The Backdrop
The impact of the COVID-19 pandemic is being felt by businesses around the world. The adverse impact of the pandemic started with disruptions in the global supply-chains, which later precipitated into an ominous compression in demand. As a result, multilateral organizations across the board have cut their global growth forecasts, with the IMF now expecting the global economy to contract sharply by 3.0 per cent in the current year. In order to alleviate the stress which ensued, governments across the globe including India have undertaken several measures to tackle the impact of the pandemic.
In India, the government unveiled a slew of measures that would help the Indian economy battle and recover from the adverse impacts of the Covid-19 crisis. With a focus on promoting ‘Atmanirbhar Bharat’, transformational and structural reforms have been introduced across several key areas, which will be instrumental in rebuilding the Indian economy and pave the way for a sustained economic revival.
Clearly, there is much that nations and businesses from across the world can learn from each other in combatting the economic effects of the pandemic. Newer partnerships will need to be formed between businesses, government and civil society to mitigate the effects of the pandemic.
It is against this backdrop that CII proposes to organize The Partnership Summit 2020.