India Inc calls for steps to revive growth

With the first quarter GDP slipping to 4.4 per cent, India Inc on Friday said the government should take immediate steps to reverse the slowdown in economic growth and there were no signs of a turnaround as investor sentiment continued to remain low.

"The GDP figures for first quarter clearly show that the economy continues to be in the throes of a slowdown. The concern becomes more acute when we see that at the present moment, there are no clear indications that the economy has bottomed out," CII Director-General Chandrajit Banerjee said.

There are no visible signs of investment pick up as investor sentiments continue to be very low. A weak rupee, tight liquidity, high cost of funds, procedural delays, etc, are all coming in the way of an investment revival, he added.