Adi Godrej, chairman of Godrej Group, says India’s economy will pick up sooner than expected

India’s economy will pick up sooner than thought, according to Adi Godrej.

Business Mogul Godrej is chairman of the consumer goods conglomerate Godrej Group, and is one of the richest men in the country with a professed net worth of $2.8bn.

The Godrej family are number 6 on the recently published Forbes’ Indian Rich List and Godrej himself has a professed net worth of $2.8bn.

Godrej has said he thinks India’s GDP will pick up the July-September quarter and growth will be good in the second half of the year.

See also:

Smartphone brand Oppo to open new stores in India

State Bank of India appoints new chairman

Latest issue of Business Review Asia – out now!

India’s economy slumped during the April-June quarter with GDP growth slowing to 5.7%, its lowest rate since 2014. However, this is likely one result of the new Goods and Sales Tax regime that was recently put in place, according to Godrej.

He stated that “Because many of the GST rates on manufactured products were lower than the earlier cumulative tax rates, there was destocking as well as lower manufacturing. People did not wish to clear goods prior to GST and end up paying a higher tax than they would have to [afterward].”

Godrej is said to be “quite optimistic about the future.” “I don’t believe there has been an economic slowdown,” he stated, saying companies “have fared will int eh July-September period.”

He strongly backs the GST reform saying “it will add a lot of growth to our economy going forward.”

However there remain issues around India’s bad loans and last year’s demonetisation of high-value bank notes which resulted in a cash crunch.

Share

Featured Articles

People Moves: Pine Labs, Deutsche Bank, McKinsey, Fortinet

Pine Labs names former Amazon exec as chief people officer, Fortinet hires government affairs leader for APAC, McKinsey India poaches Accenture HR exec

Dialight envisions a world of industrial safety with LEDs

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Must-see speakers at TECH LIVE LONDON 2022 event

Technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force are among the 80-plus speakers at upcoming TECH LIVE LONDON

Vodafone Business cyber leader Kawalec speaks at Cyber LIVE

Leadership & Strategy

Twitter timeline – how Musk pulled off a hostile takeover

Leadership & Strategy

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

Leadership & Strategy