Economy not slowing down: CII

Mon, Jul 14 06:58 PM

Bangalore, Jul 14 (PTI) Strongly denying that economy is slowing down, CII President K V Kamath today said one has to see India Inc's performance in the next two quarters to pass a judgement. Pointing out that corporates have an investment pipeline of USD 700 billion to USD 750 billion, Kamath, also the Managing Director and CEO of ICICI Bank, said there are reports that order book of companies now is "much higher".

"I am not seeing slowdown," he said at a CII function here and later interacting with journalists. He wondered how some people were talking about slowdown.

"Where slowdown scenario has come," he said. Kamath said inflation and surging oil and commodity prices are challenges but noted that "what's insulating us is the huge pipeline of investment that's happening" and also the fact that services sector contributes to around 60 per cent of India's GDP. Corporate India has an investment pipeline of USD 700 billion to USD 750 billion, Kamath said, adding that there are reports that order book of companies now is "much higher" than it was at the same time last year.

"Investment is not going to be a challenge," he said further. PTI.

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