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EY's Carmine Di Sibio says global economy is slowing down; Narendra Modi's re-election positive move for India

Updated : June 07, 2019 10:46 PM IST

Carmine Di Sibio, global chairman of Ernst & Young, on Friday, said that global economy is clearly slowing down and the re-election of Prime Minister Narendra Modi has been a positive move for India.

Speaking at the 19th edition of EY World Entrepreneur of The Year, Sibio said, "We have entrepreneurs in different sectors including technology, agriculture, manufacturing, so it is really a broad base of entrepreneurs. The great thing with the entrepreneurs is they are doing incredibly well and they employ more than 1,50,000 people."

On the global economy, he said, "The revised global economy rate went from 3.6 percent to 3.3 percent. With all the tariffs out there, people are estimating that it could be down 0.5 percent. However, uncertainty out there can slow growth even more. I do not think it will be a recession,  but I do think there could be much more of a slowdown. Even in terms of Brexit, there is a lot of uncertainty."

Talking on India, Sibio said, "The investment capital going to India is increasing. Private equity interest in India from firms in the US and Western Europe continues to increase. For a fact, many of our clients continue to look at India to see whether there are investment opportunities there."
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