Slowdown in India is temporary, govt reforms will pay off: Mukesh Ambani

The current economic slowdown is "temporary", India's richest man Mukesh Ambani said on Friday.The chairman and managing director of Reliance Industries said that the coming decade would present a "historic opportunity" for businesses to excel and place India among the top three economies of the world.Ambani further added the slump was caused by external turbulence, and the country has reasons to be more optimistic for the next decade."I think while we have seen temporary pains, with the leadership that the finance minister provided we're just going to get out of it. External turbulence (has) hit us, but I am very very optimistic," Ambani said."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 added.Reliance, in its forty years, started off with textiles, became a petrochemicals player, shifted focus to refining and energy and has now built a world-class retail and consumer tech business, Ambani said.India's economic growth slowed to a near 7-year low of 4.7 per cent in October-December 2019 on continued slump in manufacturing, and now faces the next big challenge of coronavirus outbreak stifling global growth.The 4.7 per cent expansion in the third quarter of the current financial year compares with a revised 5.1 per cent growth witnessed in the previous three months and 5.6 per cent expansion in the same period of the previous year, according to official data released on Friday.

from Economic Times https://ift.tt/39m3Xr6