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  • Commenting on the GDP data released earlier today, Mr Sandip Somany, President, FICCI said, There has been a further dip in growth to 4.5% in the second quarter of the current fiscal. While this is a matter of concern, it was not entirely unexpected as many of the lead indicators of economic activity were showing signs of weakness. 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. 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, added Mr Somany.

    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 Mr Somany.

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