Private sector going through challenging times, says L&T chairman A M Naik

It is going to take a year or a year and a half before accelerated spending for development comes, says Naik

India’s gross domestic product (GDP) growth will be 6.5 per cent this year, and accelerated spending is unlikely to happen in the next 18 months, according to A M Naik, chairman of Larsen & Toubro (L&T), the country’s largest engineering conglomerate.

“Growth is going to be not more than 6.5 per cent this year. My feeling is that though they (government) claim it is 7 per cent plus, if we can maintain 6.5 per cent, we will be lucky,” said Naik at the company’s annual general meeting on Thursday. “I think the government knows the economy is slowing.”

He added: “It is