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FICCI statement on Q1 GDP growth numbers 

Aug 31, 2019


Government and RBI taking measures to reverse slowing growth trajectory, we hope improvement in the subsequent quarters - Sandip Somany, President, FICCI

          Finance Minister's announcement underlines government's intent to go for growth enhancement in all possible manner

 

NEW DELHI, 31st August 2019: "The latest GDP growth numbers are below expectations and point towards a significant deceleration in both consumption and investment demand. While many of the lead indicators of economic activity were pointing towards sluggishness in the growth momentum, the economy registering a growth of 5% in Q1, 2019-20 is a matter of deep concern. With both the government and the central bank taking a series of measures to reverse this slowing trajectory, we hope things would improve on the economic front in the subsequent quarters," said Mr Sandip Somany, President, FICCI.

"The mega bank consolidation plan, liberalisation of FDI guidelines and the stimulus package announced by the Finance Minister a few days back are comprehensive and address the key pain areas of the economy. The signalling through these announcements is loud and clear and underlines the government's intent to go for growth enhancement in all possible manner. With a mix of both broader measures and sector specific interventions, we hope that the Indian economy and industry will come out of this weak patch soon," added Mr Somany.

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