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President of Confederation of Indian Industry says Indian economy to make gradual recovery by next fiscal

New Delhi: President of the Confederation of Indian Industry (CII), Vikram Kirloskar, said today that the Indian economy is expected to make a gradual recovery by the next fiscal year.

Vikram Kirloskar said, “The easing of global trade tensions along with the lagged impact of monetary easing coupled with the improved transmission, and we are in for a gradual recovery getting firmly entrenched by the next fiscal.”

He warned that the third quarter may witness subdued GDP, but the quarters thereafter the GDP will recover.

The CII President explained that the critical issue that the industry highlighted in the last year was the pending payments from the government departments and the CPSEs. The outstanding payments that need to be released at the earliest to vendors in the private sector will boost liquidity in the private sector.

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