Economy big worry for PM Modi in second term, needs stimulus: Ficci

Domestic consumption is not growing fast enough to offset a weakening global economic environment, says FICCI.

India's slowing economic growth is of serious concern and the country needs to urgently cut tax and interest rates to revive the economy, a top industrial body said on Monday ahead of the inauguration of Prime Minister Narendra Modi's second term.

The economy grew 6.6% in the three months to December--the slowest pace in five quarters--and the Federation of Indian Chambers of Commerce & Industry (FICCI) said the bigger worry was that domestic consumption was not growing fast enough to offset a weakening global economic environment.

"The recent signs of slowdown in the economy stem not only from slow growth