Mariwala envisages India to grow faster than what it has grown in the past
Slowdown in India’s gross domestic product (GDP) is an aberration and is expected to pick-up, Harsh Mariwala, Chairman, Marico, said. He was speaking on the sidelines of The Indian Society of Advertisers (ISA) CEO Conference held in Mumbai on March 18.
Gross domestic product (GDP) estimates, released on February 28, showed growth slowing to 7 percent in 2018-19 from 7.2 percent a year ago. Further, quarterly data showed a sharp slide in growth to 6.6 percent in the last quarter of 2018, from 7 percent and 8 percent in the preceding two quarters.
“I am cautiously optimistic on growth going forward. As a country we have advantage of reforms that have been implemented in the past two-to-three years. The drop in GDP is an aberration. With reforms, there will be growth in spending and GDP should start growing,” Mariwala stated. He expects India to grow faster than what it has grown in the past.
When asked on subdued consumer spending and capital expenditure, Mariwala said if capacity utilisation rises, capex will increase. He said a slew of benefits have been passed on to rural areas in the interim Budget, which will drive consumption spends. "Elections will also help increase rural incomes, in turn aiding rise in the consumption," he added.
