‘Indian economy on path to recovery’

Chances are bright for the economy to bounce back in the next two to three quarters, said H.Nemkumar, president, India Infoline Limited (IIFL).

He led a group of businessmen, specialising in equities, to understand the problems, issues, and challenges faced by Tiruchi-based industries, here on Tuesday.

After listening to the views of a few industrialists, he said that the present trend of the Indian economy had shown that it was on the path of recovery. The stimulus and corrective measures were expected to translate into growth. The economy might return to the growth path shortly.

Though the rate of growth was slow at the moment, Mr.Nemkumar said it was way ahead of many other countries. The economy of European countries and Russia too looked dim. There were reports that China was too struggling to sustain its growth rate. However, the United States of America had been showing signs of recovery.

While acknowledging that the interest rates were high, he added that there was a period when interest rate was ruling around 19 per cent. The Indian industries had sustained the period. However, the rate should further be brought down.

Earlier, industry representatives explained the current situation of functioning of industries in Tiruchi, particularly Small and Medium Enterprises (SME), the power scenario, availability of skilled and unskilled employees, water resources, investment climate, labour issues, and law and order problems.