Saudi Arabia: Yes Indian economy is in turmoil: Mukesh Ambani

Riyadh, Ta. Wednesday 30 October 2019

Reliance Industry Chairman Mukesh Ambani has acknowledged that there is a downturn in the Indian economy. He, however, called this a temporary one and said the steps the government is currently taking. This will boost the economy in the next three months.

Addressing the annual Future Investment Initiative, held in Riyadh, Saudi Arabia, Mukesh Ambani said this.

What to say Ambani

The keynote speaker for the program, organized from October 29 to 31, was PM Narendra Modi. Several prominent Indian businessmen including Mukesh Ambani were also included in the program. Addressing the program on Tuesday, Mukesh Ambani said, "Yes the Indian economy needs some recession, but I believe this is temporary."

The measures that have been taken in the last few months will see the results and I am confident that the situation will change in the next three months.

He cited Prime Minister Modi, Saudi King Salman bin Abdul Aziz Al Saud and his son Prince Mohammed bin Salman bin Abdul Aziz. Both countries have a leadership that is unique in the whole world. Saudi Arabia has shown drastic changes in the last 2-3 years.

The growth rate of the Indian economy has been falling for the past five months. In the three months of April-June this has been up to 5%, from 8% a year ago. This is the lowest growth rate since 2013.