Slowdown in Indian economy is temporary; will be reversed in a few quarters- Mukesh Ambani

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Shreya Durvehttps://newsmint.in/
Future doctor, proud to be myself

Highlights

  • Mukesh Ambani attended the recent conference at Saudi Arabia, Davos in the desert, along with many dignitaries including PM Modi
  • He addressed the crowd and spoke about his opinions on the slowdown in the Indian economy
  • He expressed his future hope for the reversal of the current slowdown in the Indian economy and states that the reforms taken up by the PM are sure to be instrumental
  • The Indian economy has been seeing a gradual decline in growth rate, falling to 5% in April-June 2019 for the 8% last year
  • The government has taken a number of measures to correct this decline
  • Ambani is currently in talks with the Saudi oil Giant Aramco, to sell one-fifth of his oil to chemical business in India
  • He praised the leadership skills of Pm Modi and the leaders of the nation of Saudi Arabia

Mukesh Ambani, the Chairman and managing director of Reliance Industries LTD, attended the annual investment forum in Saudi Arabia, named Davos in the desert, along with many other dignitaries like PM Narendra Modi. In the conference, he addressed the crowds about the slowdown in the Indian economy, the reform measures taken up by the Indian government, and the leadership in India and Saudi Arabia.

The Indian economy has always been the fastest growing economy in the developing world. However, in the recent 5 quarters, the economy has seen a decline to 5% in the growth rate of 2019, as compared to 8% last year 2018. This is the lowest number since 2013, and is attributed to the fact that investment has been narrowed down, and consumption has increased due to financial stress in the rural areas. In view of this, the billionaire states that he feels like this slowdown is temporary, and the reforms taken up by the government, under the leadership of PM Modi, are sure to take shape soon. He further states that the coming quarter will change things.

Some of the measures taken up by the Indian government are to ease NBFC’s liquidity positions, and cutting the corporate tax rate to the lowest level and investing the capital into banks.

Mukesh Ambani is in talks with the oil giant Aramco to sell one-fifth of his oil to chemical business in India for $150 billion. In relation to the leadership qualities of the two countries, Ambani was quoted as saying,

“above all, there is a leadership accelerator. both the countries are blessed with leadership that is unique in the whole world, at least in today’s time.”

Ambani further spoke about the progress that the Saudi Arabian nation is making, and the transformation it has undergone. Other than the oil to chemical business, he has also in August revealed that Saudi Aramco has agreed to take 20% stake in the Reliance Industries’ refining and petrochemicals business. The deal was tied at $75 billion and marks one of the biggest foreign investments made in India.

PM Modi is one of the keynote speakers at the said event.

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