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."
The growth rate can be easily increased by 1 per cent by addressing structural problems through reforms, the council observed during its meeting Friday. The Central Statistics Office (CSO) in its latest forecast pegged the growth at 7.2 per cent for 2018-19.
"We expect the Indian economy to grow around 7.5 per cent in 2018 and 2019. Economic activity grew by 7.7 per cent in the first quarter of 2018," Moody's Investors Service said in its Global Macro Outlook: 2018-19 (August 2018 Update) report.