Reliance Industries Chairman Mukesh Ambani has recently acknowledged that there is a phase of the economic slowdown in the Indian economy. With this, he has described it as temporary and said, "The recent steps taken by the government will boost the economy in the next quarters.

Let me tell you that while addressing the annual investment platform 'Future Investment Initiative' held in the city of Riyadh, Saudi Arabia. Ambani said, "Yes, there is definitely a slowdown in the Indian economy, but I believe it is temporary." The reform measures that have been taken in the last few months will see results and I am confident that the situation will change in the next quarters."

Further, he quoted PM Modi, Saudi King Salman bin Abdul Aziz Al Saud and his son Prince Mohammed bin Salman bin Abdul Aziz and said, " “Above all, there is a leadership accelerator. Both the countries are blessed with leadership that is unique in the whole world, at least in today’s time,” he said, referring to Prime Minister Narendra Modi and Saudi King Salman bin Abdulaziz Al-Saud and his son Prince Mohammed bin Salman bin Abdulaziz.

Saudi Arabia, he said, has seen tremendous transformation in the past 2-3 years. “For me, this is 1980 vintage China or India of the 1990s where India took on the world map.”

The growth rate of the Indian economy has seen a decline for the past five months. In the April-June quarter, it has gone up to 5 percent, compared to 8 percent a year ago. This is the lowest growth rate since the year 2013."By the way, you would be aware that to speed up the economy, the Central Government has taken several steps recently and Finance Minister Nirmala Sitharaman has been making many announcements continuously. In such a situation, corporate tax has been cut, many surcharges have been removed.

Simultaneously, an attempt has been made to improve the condition of non-banking financial companies and new capital is being given to banks. At the same time, in August this year, Mukesh Ambani-led Reliance Industries has announced that Saudi Arabian state-owned Aramco will buy a 20 per cent stake in its refining and petrochemical business and the deal will be worth about $ 75 billion and the year. It is expected to be completed by the first half of 2020.

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