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    58% CXOs say India grew moderately, 34% say Indian growth declining: FICCI-PWC survey

    Synopsis

    Even as global concerns including slowing down of growth in China and the crude prices worry global investors top Indian executives seem to have given mixed reviews to the Narendra Modi led India economic growth story, according to a FICCI-PWC survey.

    ET Bureau
    MUMBAI: Even as global concerns including slowing down of growth in China and the crude prices worry global investors top Indian executives seem to have given mixed reviews to the Narendra Modi led India economic growth story, according to a FICCI-PWC survey.
    According to the survey 58% believed that the Indian economy has witnessed moderate economic growth, while on the condition of the world economy, 42% said they saw no noticeable change, with an additional 34% believing it is in a state of moderate economic decline.

    Bimal Tanna, leader, industrial products at PwC India said, “While the economies in China, Europe and Latin America seem to be slowing down and the US economy seems to be recovering slowly, India is acknowledged all across as the bright spot in the global economy; this is indeed the time for the Indian manufacturing sector to make a global impact. We believe the Make in India initiative will be a significant enabler and add speed to the momentum of helping the manufacturing sector move up to the next level of growth.”

    Industry trackers say that the global factors like the crude prices and the slowing of growth in China is set to impact the India growth story as well. However, despite the slowing of growth India continues to remain the bright spot among the major emerging economies including Brazil, Russia, China and South Africa among others.

    “Despite uncertain global economic environment, Indian economy is on the path of recovery pointing toward resilience of the economy. The Indian manufacturing sector has shown signs of recovery despite the manufacturing growth in other emerging economies slowing down. The Government has taken various initiatives in the last few months to make India an attractive destination for investment,” said Harshavardhan Neotia, president, FICCI.


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