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India Inc looks at new Cabinet to fix the economy

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Mumbai: Captains of Corporate India said the immediate priority of the newly formed cabinet will be to kickstart growth and "fix" the economy which is slowing down.

"All sectors are reporting lower growth… the fast moving consumer goods, and the automobile industry. The first challenge for the government will be to kickstart growth," Venu Srinivasan, chairman TVS Motor Company said.

Srinivasan also said that to revive demand , the "flow of credit" to the consumer would have to be provided. India posted a 5-year low GDP growth figure for the last quarter of last fiscal at 5.8% with unemployment at 6.1%.

Also, a veritable liquidity crunch set off by the NBFC crisis in the country had scuttled private investment in key manufacturing sectors like auto, steel etc.

Businessmen were however optimistic as they believe that the banking regulator has fixed things. "Over the last few months the Reserve Bank of India has taken a number of measures and I think the whole NBFC issue is staRead More – Source