Why Is Corporate India Silent On GDP Below 5%?
The second quarter GDP growth came in at over 6-year low and sparked a political war of words. However what is strange is that so far it hasn't triggered any reaction from India's corporate sector.
The Confederation of Indian Industry has not issued a statement on the growth figures. When NDTV reached out to CII and asked, they said there perhaps won't be a statement on GDP even later as well.
Remember when the government announced corporate tax cuts, corporate India cheered the move and said this would spur growth. However a team of economic panelists told NDTV that the focus must shift to demand creation now.
Contraction in manufacturing for the first time since June 2017 and the significant decline in agriculture and rural demand remain key areas of concern.
Sunil Sinha, principal economist, India Ratings and Research said, "The Q2 FY20 GDP growth at 4.5 per cent is in line with India Ratings' projection of 4.7 per cent. As expected the slowdown in GDP growth is largely on account of the slump in consumption expenditure and de-growth in exports. Given the current growth-inflation dynamics India Ratings believes RBI will go for another 25 basis point rate cut in the forthcoming monetary policy review in December 2019" .
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