India Inc & #8217;S Confidence In Economy At A Low Ebb

A business confidence survey conducted by The Federation of Indian Chambers of Commerce and Industry (Ficci) has revealed that the sentiment of the domestic corporate sector is low on the current and future economic prospects for the country.

A majority of the respondents polled felt that the gross domestic product (GDP) would not grow more than 6 per cent this year with no immediate recovery expected in the industrial sector. A whopping 60 per cent of the respondents felt that the GDP growth this year will be between 5-6 per cent and will not be above 6 per cent as indicated by the Union finance minister earlier this year.

The Ficci business confidence survey, conducted among 225 Indian corporates across diverse sectors such as consumer goods, capital goods, pharmaceuticals, chemicals, intermediate goods and services sector, has revealed the subdued sentiment on the current macro-economic growth trend.

Announcing the findings, Ficci president, Chirayu R Amin, called for a four-pronged strategy to reverse the slowdown in the economy and to boost growth.