Bangalore Chamber of Industry and Commerce

  • info@bcic.in
  • |
  • 080 25583325 /26/27/

  • |
  • Login
  • |

Top Industry Captains Deliberate on Sudden Economic slowdown BCIC Advocates Pro-Business Reforms

Over 40 top industry Captains representing a diverse and cross section of industry verticals based out of Bangalore today deliberated on the sudden economic slowdown experienced in the country. Over the last two quarters several domestic and global consulting firms have downgraded India’s economic rating, causing turmoil among industry captains pan India.

Statistics rolled out by Government on Eight core sectors indicate a sharp slowdown in the economy thereby pegging current fiscal’s GDP growth at 6.5 percent from the earlier projection of 7 percent.

Mr. Devesh Agarwal, President, Bangalore Chamber of Industry and Commerce (BCIC) addressing industry leaders today in Bangalore said: “The Industry is currently going through a phase of turmoil. The sudden slowdown in the economy can distinctively be witnessed in sectors like Automobile, Oil, FMCG, real estate and manufacturing which have all recorded gradual fall in productivity over the last few quarters”.

He hoped that: “The slowdown in growth is just a cyclical downturn and Government will immediately announce remedial measures and announce special sector-specific stimulus packages so that consumer demand picks up once again”.

Indian markets have also been volatile for the past few weeks, triggered by a high outflow of foreign and domestic investments. With domestic conditions already bleak, a hostile global environment, tariff wars and rising protectionism is also adding to India’s economic woes. Exports have declined by almost 10 per cent in the span of one year due to sluggish global demand.

Mr. T R Parasuraman, Senior Vice President, BCIC addressing the thought leaders said: “Immediate priority for India is to create short-term stimulus and pave the path for long-term stability. He also felt: “The coming 2/3 quarters will be difficult, but soon we will witness stability returning back”.

With global economic uncertainties increasing by the day and fresh capex in the country at its lowest ebb, the outlook for the Indian economy does not appear bright as of now. In this backdrop, the Chamber feels that there is an urgent need to prevent economic sentiment from further plummeting by way of announcing pro-business reform policies.

Some of the top industry leaders who participated in today’s deliberation included, Mr. Somnath Chatterjee, Head, ITC, Dr. L Ravindran, MD, Wealthmax Enterprises Management, Mr. Ashok Saxena, Chairman, Bangalore Aerospace Consultants, Mr. Ramesh Saligrama, VP, Bosch, Mr. Thyagu Valliappa, Sona Group, Mr. Augustus Azariah, India/SA Regional Leader, IBM India, Mr. Ganesh Swaminathan, Partner, Deloitte Haskins & Sells, Mr. P S Ponnappa, Vice President, TVS Motor Company Ltd, Mr. Manas Dasgupta, Senior Technology Manager, ANZ Wealth, ANZ Operations and Technology, Ms. Geetha B Srinivasa, Managing Director, Praxair India, Mr. Sajai Singh, Partner, J Sagar Associates, Ms. Lavanya Pachisia, CFO, Zivame, Mr. P S Ramesh, ED & COO, Dynamatic Oldland Aerospace, Dynamatics Technologies Ltd, Mr. Amit Singh, Div. Manager – Procurement, ITC Limited, Foods Division, Mr. Ankur Bhaumik , VP- Supply Chain, MTR Foods, Dr. K V Omprakash, Advocate and Founder Director, Head – Legal, Conscientia Consultancy, Mr. K Balasubramanian, VP and Global Head - Corporate Tax, Wipro Ltd, Ms. B S Anuradha, GM - Power Strategy, Praxair India, Mr. Vinod Sreedharan, Director, H R Cornucopia, Mr. B Indushekar, VP, Volvo Group, Mr. Jagadish Menda, CEO, Hunan Restaurant, Mr. Prakash G, GM, Toyota Kirloskar Auto Parts, Mr; Shivayogi, Toyota Kirloskar Auto Parts, Mr. Samuel Prabhakar, Chairman, AOC, Mr. Dyaberi, Former Government Officer, Manas Krishna Moorthy, GM ITC Windsor, Mr. Pravin Iyer, MD, Relicare Tech Service, Mr. Srijan Vadhera, GM, Conrad, Bangalore, Mr. B Parameshwaran, Director Corporate, Toyota Industries Engine India, Ms. Sameer Fernandes, Marketing Consultant, Mr. N R Badrinath, Partner, Singhvi, Dev & Unni LLP to name a few.