Somany expects greater stimulus
The Federation of Indian Chambers of Commerce and Industry is hoping for a better economic growth in the second half of current financial year though it was concerned about the second quarter growth of 4.5%.
“The government has taken a series of measures in recent months to infuse greater energy into the economy and we are hopeful that in the second half of the current fiscal things would improve,” said FICCI president Sandip Somany.
“The fundamental strengths of the Indian economy are in place, but we need to use this period of slow growth to take some more bold reform measures as seen in the recent past.
“Equally important is to address the problems in the rural sector where more income enhancing measures are required as this would propel demand,” suggested Somany in comments on the economic slowed down on 29 Nov 2019.
He expects the singular agenda for the government and RBI in the coming months should be revival of the economy.
“We expect greater stimulus and counter-cyclical measures from the government and further easing of the monetary policy by the central bank.
“Additionally, there is a need to look at some stronger measures to ease the log-jam in sectors like housing and real estate, NBFCs, telecom and automobiles and we hope that some more measures will be announced at the earliest,” said Somany.
FICCI accepted that the private consumption and investment demand continue to remain weak although some improvement was noticed during the recent festive season.
“The government has taken a series of measures in recent months to infuse greater energy into the economy and we are hopeful that in the second half of the current fiscal things would improve,” noted Somany. fiinews.com