Even as the economy remains sluggish, Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Monday said the slowdown is temporary and India would soon bounce back since its fundamentals are robust. "The slowdown in some sectors of the economy is temporary. The fundamentals of the Indian economy are very strong. The opportunities will grow further with structural reforms. India has political stability. The government is laying the foundation of new institutions for business promotion and regulation," billionaire businessman Mukesh Ambani said at the 42nd AGM of the RIL being held in Mumbai today. New long-term measures are being taken to improve ease of living for all citizens, and reduce income inequality, he added. "India is rising, no power on earth can stop India from rising higher," RIL Chairman Mukesh Ambani said in his address to the company’s shareholders.
Supporting Prime Minister Narendra Modi's ambitious dream of making India a $5 trillion economy by 2024, Mukesh Ambani said that it's achievable. India is all set to become $10 trillion economy by 2030, he added.
The expansion in economy slipped to a five-year low of 5.8 per cent in the fourth quarter of FY19, as investment growth collapsed and a slowdown in consumption weakened. With fourth straight quarter of slowdown, India lost the fastest-growing large economy status in Q4FY19, trailing China's growth (6.4 per cent) for the first time in nearly two years. In FY19, the full-year GDP growth was cut to 6.8 per cent in FY19, the lowest since FY14.
In the last budget, Finance Minister Nirmala Sitharaman introduced a series of measures to revive the downbeat economy including new investments.