Expressing the hope for the somnolent Indian economy to recover soon, noted industrialist and Godrej Group Chief Adi Godrej today stressed on the need for the government to take more steps for boosting growth.
"We need a lot of liquidity. We need to reduce interest rates. We need a lot of fiscal stimulus. Both monetary and fiscal stimulus are badly needed," the Godrej Group Chairman and Managing Director said on the sidelines of a CII conference on corporate governance here after delivering the key address.
Currently, India is in a position where strong fiscal and monetary stimulus can help the country to grow faster and quicker, he said.
"I hope the government acts well."
Describing the Rs 35,000-crore stimulus package announced by the Centre on December 7 as a "good package", Godrej said he was bullish on the economy and that things would look up soon.
"I am very bullish on the economy reviving quite soon... It depends on monetary and fiscal actions of the government. I think India's basic situation is quite good," he said.
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The global economic meltdown has affected Indian retailers, making some of them default on payments, Godrej said.
"The default levels are higher now," he said.