His concerns come ahead of the scheduled end of the nationwide lockdown on May 3.
The lockdown has had a positive effect in containing the coronavirus, but it is imperative to also move focus on economic wellbeing, the JSW Group Chairman said.
"We need to rise now to ensure that the economy does not fall into a slumber that will take huge efforts to awaken. A depression in the economy is also a threat to this nation," he said in a statement.
The virus will be a threat till its vaccine is found, Jindal said.
"However, we need to find ways to work within a 'new normal' to bring this economy back to capacity in the shortest period of time, " he said.
To contain spread of highly contagious COVID-19 virus, the government had announced a 21-day lockdown from March 25, which was further extended till May 3.
Initially a complete lockdown had impacted businesses in every sector of the economy.
However, the government provided relaxation to industries from April 20 to lessen its impact on the economy.
This move allowed many companies across sectors to resume their operations.
A company spokesperson said JSW Steel, which had reduced its production levels, has brought it back to the normal level.
JSW Steel's all seven blast furnaces across country are now fully operational, he said.