HR NEWS

Economic Slowdown? Top industrialists back Modi

Economic Slowdown? Top industrialists back Modi

At a time when the Narendra Modigovernment is facing criticism for the economic growth slowdown from all sides — opposition, party-men, global rating agencies et al — top industrialists choose to back Prime Minister’s vision and suggest that the growth is going to accelerate in the second quarter of the financial year 2017-18.

Yesterday, both Prime Minister Narendra Modi and Finance Minister Arun Jaitley hit out at the critics saying that the government was committed to structural reforms and necessary steps were being taken to remove glitches. Narendra Modi said the centre was committed to reversing the setback to growth in the April-June quarter and that structural reforms were undertaken during the last three years, including demonetisation, Goods and Services Tax, and the Insolvency and Bankruptcy Code, would help the country step up into the next league.

Top industrialist Sunil Mittal backed Narendra Modi by saying that it is his job to create hope. He further said that the Indian economy is doing extremely well as compared to its global peers.

Head of the Godrej group, Adi Godrej also spoke in government’s defence and said that the economic growth rates fell due to GST destocking in June and will likely recover in the second quarter of FY18. “There was an economic slowdown in the month of June, and there’s a good explanation to that. Since in the GST, many rates were coming down, there was destocking in June.”

“Even if you look at the April-June quarter, the lower growth was mainly in the month of June. We should wait for July-September figures. GST collection has done well in July and August. I personally feel the economy is doing well,” Adi Godrej added.

Finance Minister Arun Jaitley in a television interview launched a veiled attack at senior BJP leader Yashwant Sinha and said, “Those who do not have broad shoulders to either take bold decisions or implement such landmark decisions, really can only sit on the sidelines and comment on it.”

“But at the end of the day, it’s our responsibility as the government to make sure that these decisions work, work well, and remove whatever glitches come in the way of these decisions,” Arun Jaitley added.

India’s economic growth slumped to a three-year low at 5.7% in the first quarter of the current fiscal year post demonetisation and switch to the GST regime. The Reserve Bank of India (RBI) reduced its growth forecast from 7.3% to 6.7%, but industrialists feel the policies by the Modi government is going to fetch results in the long term. Bain & Company India chairman Srivatsan Rajan told CNBC the Indian government has done ‘many good things’ in terms of economic reforms and the two moves – demonetisation and the GST — would be beneficial in long-term.

Source: Financial Express

9 months ago

By HR Reporters

Related Tags :

Social Share : Share      

Comments.....

Submit new comment

Most Viewed

Pearson slashes 3,000 jobs, reduces dividend in latest recovery push...

11 months ago

UPSC IFS Mains examination 2017 to be conducted from December 3, Detailed Applic...

9 months ago

637,000 new pilots required for airlines over next 20 years: Boeing...

11 months ago

All women crew flies Air India jet to Stockholm from Delhi, Jayant Sinha lauds n...

10 months ago

WhatsApp co-founder Brian Acton to leave company...

9 months ago

Gene therapy helps treat life-threatening skin disease...

7 months ago

Walmart gives workers a way to get paid earlier...

6 months ago

Wanted Admin Manager - NEXA/AUTOFIN LIMITED. Click here for more details...

7 months ago

Tata Steel Netherlands workers protest Thyssenkrupp merger...

8 months ago

Air India recruitment 2018: Job notification announced, 10th pass candidates, Gr...

6 months ago

Most Shared

Mass redundancies for Quebec cookie factory...

2 years ago

Trump this: 5 bold predictions for how he’ll impact HR...

2 years ago

InfoTycoon appoints existing President and COO Kevin George to succeed James Dav...

2 years ago

Sushant Dwivedy joins Aspiring Minds as SVP-Enterprise Client Solutions...

2 years ago

Uber introduces special reward programme...

2 years ago

Standard Chartered Bank to reduce 10% corporate & institutional banking staff...

2 years ago

National CineMedia (NCM) creates Affiliate Partnerships team, names Stacie Tursi...

2 years ago

OCC Names New CFO, Treasurer, and Chief Compliance Officer...

2 years ago

Beards at work are now a major turn-off say 61% of female office workers...

2 years ago

First female fast jet pilot of Britain hired as director at PwC...

2 years ago