‘Slowdown temporary; reforms undertaken to reverse trend’

Billionaire Mukesh Ambani said the slowdown in the Indian economy is temporary and the recent measures taken by the government will help reverse the trend in the coming quarters.

Speaking at Saudi Arabia's annual investment forum, also known as 'Davos in the desert', he said the reforms undertaken by Prime Minister Narendra Modi's government since August will bear fruits in the next few quarters. "Yes, there has been a slight slowdown (in the Indian economy). But my own view is that it is temporary," he said at the Future Investment Initiative (FII) event.

"All the reform measures that have been taken in the last few months will see the outcome and I am quite sure that in coming quarter this will reverse," he said.

Ambani, who is in talks with Saudi Arabian oil giant Aramco to sell one-fifth of his oil-to-chemical business in India for USD 15 billion, said the two countries have almost factors to drive growth - technology, young demography, and leadership.

"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 PM 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 last 2-3 years. "For me, this is 1980 vintage China or India of the 1990s where India really took on the world map."

Ambani, the Chairman and MD of Reliance Industries, was speaking on 'The next decade: How will a new era of economic ambition shape the global economy?'

Ambani had in August announced that Saudi Aramco has agreed to take a 20% stake in Reliance Industries' refining and petrochemicals business, as the world's largest crude oil exporter deepens its ties with India, the fastest-growing energy consumer.