Hindalco, Novelis Chairman Kumar Mangalam Birla remains more optimistic than RBI

Indian business tycoon Kumar Mangalam Birla, the owner of $48 billion Aditya Birla Group has an interesting thought on how the recovery of the Indian economy is being distinguished, as per his view “markets are euphoric and economists are pessimistic.”

The thinking which has come from one of the country’s biggest industry leader is significantly ahead of India’s annual budget on 1^st February 2021.

However, Birla shared the same thought that even the Reserve Bank of India (RBI) has. The RBI, in its latest financial stability report, highlighted that in India, while the economy has been called out as “weak”, the stock markets have moved to an all-time high.

Kumar Mangalam Birla is more optimistic than the economists at Reserve Bank of India (RBI), or elsewhere. “In India too, the initial prognosis and narrative of experts proved to be excessively pessimistic,” he quoted.

“The economists, I am told, are now searching for alphabets that will adequately describe this trend of cautious optimism,” said Birla, whose empire includes companies like Ultratech- India biggest cement maker, Hindalco- India’s biggest aluminium company and overseas units like Novelis.

This has not been the first time that Mr Birla has sounded more excited about the recovery, especially in sectors like cement and aluminium, where he is a major player.