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Mukesh Ambani says ongoing slowdown 'temporary'
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SME Times News Bureau | 12 Aug, 2019
Describing the fundamentals of the Indian economy as strong, Reliance
Industries Ltd (RIL) Chairman Mukesh Ambani on Monday said that the
ongoing slowdown in some sectors of the economy is temporary.
Addressing
RIL shareholders at the 42nd Annual General Meeting (AGM), he said that
the opportunities will grow further with structural reforms and noted
that India has the required political stability.
"The slowdown in some sectors of the economy is temporary. The fundamentals of the Indian economy are very strong," Ambani said.
His
statement comes at a time when the growth of the Indian economy has
slowed and consumption is significantly low in several sectors led by
automobiles, real estate and FMCG.
Ambani further said that he
endorsed Prime Minister Narendra Modi's target of making India a $5
trillion economy by 2024 and observed that India would touch the $10
trillion mark by 2030.
"Indeed, I can clearly see India becoming a $10 trillion economy by 2030, with every Indian as a beneficiary," he said.
The
RIL Chairman added that the government is laying the foundation of new
institutions for business promotion and regulation and new long-term
measures are being taken to improve ease of living for all citizens, and
reduce income inequality.
"India is rising. No power on earth can stop India from rising higher," he said.
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