The business community claims that trade confidence will increase with better-than-expected GDP

Mumbai, Ta. 28 November 2020, Saturday

The country's industries are expecting a recovery in the coming months as India's economic growth slows in the September quarter. The steps being taken by the government to revive the country's economy, which has been hit hard by the corona, are showing positive results.

The Confederation of Indian Industry expressed the expectation that the improvement in GDP would boost the confidence of the industries. The economy has improved dramatically in the last few weeks as the lockdown has eased, said Chandrajit Banerjee, director general of the Confederation.

The country's GDP, which was negative at 7.50 per cent in the June quarter, improved to 4.50 per cent in the September quarter. FICCI President Sangeeta Reddy described the improvement in GDP as a pleasant surprise.

GDP figures are better than most analysts expect, indicating that India's economy is on the verge of recovery. Analysts had projected a decline of more than eight per cent in GDP.

Assocham general secretary Deepak Sood said the rural economy has taken the lead in the country's GDP growth and consumer demand is growing in urban areas. The economy is recovering due to the meaningful steps being taken by the government, said a PhDCCI official.