Billionaire Mukesh Ambani on Tuesday said the slowdown in the Indian economy is temporary and the recent measures taken by the Government will help reverse the trend in the coming quarters. Speaking at Saudi Arabia’s annual investment forum, also known as ‘Davos in the desert’, he said the reforms undertaken by Prime Minister Narendra Modi’s Government since August will bear fruits in the next few quarters.
“Yes, there has been a slight slowdown (in the Indian economy). But my own view is that it is temporary,” he said at the Future Investment Initiative (FII) conference here.
“All the reform measures that have been taken in the last few months will see the outcome and I am quite sure that in coming quarter this will reverse,” he said.
Indian economy, which till recently was hailed as the fastest-growing major economy, has seen growth rate decline in each of the past five quarters, falling to 5 per cent in April-June 2019 from 8 per cent recorded a year earlier. This is the lowest growth outturn since 2013 and has largely been attributed to the slowdown in investment that has now broadened into consumption, driven by financial stress among rural households and weak job creation.