<p class="title">India's economic growth dropping to an over six-year low of 5 per cent in April-June 2019 is indicating a "significant deceleration" in both investment and consumer demand, industry body Ficci said on Saturday.</p>.<p class="bodytext">Expressing "deep" concerns over sluggishness in the growth momentum, Ficci President Sandip Somany said, "the latest GDP growth numbers are below expectations and point towards a significant deceleration in both consumption and investment demand."</p>.<p class="bodytext">He, however, hoped that a series of measures being taken by the government and the central bank to reverse this slowing trajectory would help improve the economic situation in the subsequent quarters, according to a Ficci statement.</p>.<p class="bodytext">"The megabank consolidation plan, liberalisation of FDI guidelines and the stimulus package are comprehensive and address the key pain areas of the economy," he added.</p>.<p class="bodytext">With a mix of both broader measures and sector-specific interventions, the Indian economy and the industry would come out of this weak patch soon, he said.</p>.<p class="bodytext">The PHD Chamber of Commerce and Industry said the recent economic reforms undertaken by the government and the RBI will create a strong and resilient economic environment in the country and rejuvenate GDP growth rate in the coming quarters.</p>.<p class="bodytext">PHDCCI President Rajeev Talwar said: "The big-ticket economic reforms including recapitalisation of public sector banks, a rollback of enhanced surcharge on foreign portfolio investors, payment of all pending GST refunds to MSMEs...are inspiring and would go a long way to foster strong, stable and inclusive growth environment in the country."</p>.<p class="bodytext">Going ahead, he said, further reforms in ease of doing business at the ground level especially for the small and medium-sized businesses along with desired reforms in labour laws such as fixed-term employment for flexibility in hiring by industry across the states would be crucial to strengthen the manufacturing sector.</p>.<p class="bodytext">India's economic growth has slumped for the fifth straight quarter to an over six-year low of 5 per cent in the three months ended June as consumer demand and private investment slowed amid deteriorating global environment.</p>.<p class="bodytext">Having lost the tag of the world's fastest-growing economy earlier this year, India's GDP growth was behind China's 6.2 per cent in April-June, its weakest pace in at least 27 years. </p>
<p class="title">India's economic growth dropping to an over six-year low of 5 per cent in April-June 2019 is indicating a "significant deceleration" in both investment and consumer demand, industry body Ficci said on Saturday.</p>.<p class="bodytext">Expressing "deep" concerns over sluggishness in the growth momentum, Ficci President Sandip Somany said, "the latest GDP growth numbers are below expectations and point towards a significant deceleration in both consumption and investment demand."</p>.<p class="bodytext">He, however, hoped that a series of measures being taken by the government and the central bank to reverse this slowing trajectory would help improve the economic situation in the subsequent quarters, according to a Ficci statement.</p>.<p class="bodytext">"The megabank consolidation plan, liberalisation of FDI guidelines and the stimulus package are comprehensive and address the key pain areas of the economy," he added.</p>.<p class="bodytext">With a mix of both broader measures and sector-specific interventions, the Indian economy and the industry would come out of this weak patch soon, he said.</p>.<p class="bodytext">The PHD Chamber of Commerce and Industry said the recent economic reforms undertaken by the government and the RBI will create a strong and resilient economic environment in the country and rejuvenate GDP growth rate in the coming quarters.</p>.<p class="bodytext">PHDCCI President Rajeev Talwar said: "The big-ticket economic reforms including recapitalisation of public sector banks, a rollback of enhanced surcharge on foreign portfolio investors, payment of all pending GST refunds to MSMEs...are inspiring and would go a long way to foster strong, stable and inclusive growth environment in the country."</p>.<p class="bodytext">Going ahead, he said, further reforms in ease of doing business at the ground level especially for the small and medium-sized businesses along with desired reforms in labour laws such as fixed-term employment for flexibility in hiring by industry across the states would be crucial to strengthen the manufacturing sector.</p>.<p class="bodytext">India's economic growth has slumped for the fifth straight quarter to an over six-year low of 5 per cent in the three months ended June as consumer demand and private investment slowed amid deteriorating global environment.</p>.<p class="bodytext">Having lost the tag of the world's fastest-growing economy earlier this year, India's GDP growth was behind China's 6.2 per cent in April-June, its weakest pace in at least 27 years. </p>