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Reform measures taken in the last few months will help reverse the slowdown: Mukesh Ambani

Updated : October 30, 2019 10:16 PM IST

Reliance Industries Ltd (RIL) chairman Mukesh Ambani on Wednesday said that Indian economy is facing a "slight slowdown but it is temporary.

Speaking at Saudi Arabia's annual investment forum, also known as 'Davos in the desert', Ambani expressed confidence that the reform measures taken in the last few months will help reverse the slowdown.

Indian economy, which till recently was hailed as the fastest-growing major economy, has seen growth rate decline in each of the past five quarters, falling to 5 per cent in April-June 2019 from 8 percent recorded a year earlier.

This is the lowest growth outturn since 2013 and has largely been attributed to the slowdown in investment that has now broadened into consumption, driven by financial stress among rural households and weak job creation.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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