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Chief Economic Advisor KV Subramanian on Wednesday called upon the industry to start making investments, stressing that the fundamentals of the economy are “very very strong”.
On more than ₹40,000 crore of dues pending to small companies, he nudged large corporates to ensure timely payment to the MSME sector as small players are dependent on cash flows. Large companies must play a critical role in clearing cash dues to smaller companies, he said at an event organised by industry chamber FICCI.
The CEA said the slowdown in the economy is due to a decline in investment. Corporates must recognise that in a slowdown labour is available cheaper and so it is the time to make investments, Subramanian said and added investment must be made from a long-term perspective.
“The government has been at its toes addressing various aspects of the economy,” he said.
The CEA said the “fundamentals of the economy are very very strong...fundamentals of the economy have not changed” and it would be back on the 7-8 per cent growth path.
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