India’s slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy, a top industrial body said ahead of the inauguration of Prime Minister Narendra Modi’s second term.
The economy grew 6.6 per cent in the three months to December – the slowest pace in five quarters – and the Federation of Indian Chambers of Commerce & Industry (FICCI) said the bigger worry was that domestic consumption was not growing fast enough to offset a weakening global economic environment.
Indian PM Modi has secured another five-year term after winning a landslide general election victory.