Economic slowdown cyclic in nature; right time to invest in India: Goyal

Commerce and Industry Minister Piyush Goyal on Tuesday said that the recent economic slowdown is a cyclic structural adjustment, and it is the right time to invest in India before growth bounces back.

Admitting that the country's economic growth has slowed down in past two quarters (January-March and April-June in 2019) to a six-year low of 5 per cent, Goyal said that India is no longer the fastest-growing major economy.

"India, being an economy with huge opportunities, could do well without this kind of a slowdown... Our economy is like any other economy in the world... challenges have grown (in recent times)," Goyal said during a panel discussion at India Energy Forum CERAWeek here.

He further said, "We had a pretty good run for almost four to five year before the last two quarters. It (the slowdown) is rightsizing of certain sectors or opportunities in different areas."
"I see the slowdown, but I don't get unduly perturbed by it... It is an opportunity for all of us to reassess capacities, productivity and costs of production."