Deployment of RoboAutomation could curtail 70% Indian GDP loss: Sumant Parimal

Jamshedpur, Oct 22: Up to 70% of Indian GDP loss happened due to Covid19 disruptions can be prevented by deploying higher RoboAutomation, said Sumant Parimal Global �AI� thought leader and Chief Analyst of �5 Jewels Research� at Innogress.

While addressing MBA Students of �General Management� Stream of XLRI Jamshedpur, Sumant Parimal said, �If we take latest IMF projection on Indian GDP which shows a contraction of 10.3% for year 2020, India set to lose around 16.40 % of its Pre-Covid GDP in 2020 due to Covid19 disruptions, which amounts to around 472 Billion USD. This has happened largely due to revenue loss of many enterprises during Covid-19 restrictions, and enterprises believe that, part of this lost revenue could have been avoided through better digitization and automation�.

�Many Indian enterprises have also observed capacity utilization loss due to lesser digitized and automated operations during Covid-19 restrictions. So now enterprises feeling need of higher digitization and RoboAutomation� Sumant Parimal added further.

�Globally also, loss in GDP are getting witnessed, and as per latest estimates of IMF, around 11 Trillion USD would be wiped off in 2020 itself from Global GDP due to Covid disruptions. As per �5 Jewels Research� estimates based on IMF Projection, up to 55% of the World GDP loss due to Covid19 could have been prevented through Higher RoboAutomation,� Sumant Parimal said while highlighting emerging importance of Digital, AI and Robotics Technologies in Business Continuity and economic growth.

Commenting on latest report of China achieving 4.9% GDP growth during Q3 of 2020 Sumant said, �In April 2020 when Covid 19 cases were on Peak in China and elsewhere, its GDP loss was projected at around 0.7 Trillion USD (4.5% of GDP), but at the end of 2020 Q3, they achieved around 5% growth, which translates to around 0.5 Trillion USD in GDP loss saving for year 2020, through better crisis management and using Digital Tech. and Robotics�.  

�March onwards, there were rush to deploy Robots in China to restore business operations after Covid 19 disruptions, and China becomes the world�s largest market for industrial robotics and the fastest-growing market worldwide� Chief Analyst Sumant added further.

He went on to say that, �China coming back to action on the economic front shows that there exits high co-relation between GDP growth and business continuity with Digital Tech and RoboAutomation adoption. Other countries like Japan and South Korea, where level of Digitization and RoboAutomation are high, to also witness lesser GDP loss compared to lesser digitized economies during pandemic period due to better business continuity and productivity achieved through higher level of automation,�  Sumant Parimal said further in his address.