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Over 40 top industry leaders representing a diverse and cross-section of industry verticals based in Bengaluru deliberated on the sudden economic slowdown experienced in the country.
They expressed concern of the last two-quarters several domestic and global consulting firms downgrading India’s economic rating, causing turmoil among industry captains pan-India.
Statistics rolled out by Government on eight core sectors indicate a sharp slowdown in the economy thereby pegging current fiscal’s GDP growth at 6.5 per cent from the earlier projection of 7 per cent.
Devesh Agarwal, President, Bangalore Chamber of Industry and Commerce (BCIC) addressing industry leaders in Bangalore said “The Industry is currently going through a phase of turmoil. The sudden slowdown in the economy can distinctively be witnessed in sectors like automobile, oil, FMCG, real estate, and manufacturing which have all recorded gradual fall in productivity over the last few quarters.”
He hoped that “The slowdown in growth is just a cyclical downturn and Government will immediately announce remedial measures and announce special sector-specific stimulus packages so that the consumer demand picks up once again.”
Indian markets have also been volatile for the past few weeks, triggered by a high outflow of foreign and domestic investments. With domestic conditions already bleak, a hostile global environment, tariff wars and rising protectionism are also adding to India’s economic woes. Exports have declined by almost 10 per cent in one year due to sluggish global demand.
T R Parasuraman, Senior Vice President, BCIC addressing the thought leaders said: “Immediate priority for India is to create short-term stimulus and pave the path for long-term stability. He also felt: “The coming 2-3 quarters will be difficult, but soon we will witness stability returning.”
With global economic uncertainties increasing by the day and fresh Capex in the country at its lowest ebb, the outlook for the Indian economy does not appear bright as of now. In this backdrop, the Chamber feels that there is an urgent need to prevent economic sentiment from further plummeting by way of announcing pro-business reform policies.
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