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CFOs expect growth to fall below 6% in FY14

Last updated on: November 12, 2012 14:03 IST

CFOs expect growth to fall below 6% in FY14

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BS Reporter in New Delhi

The country's growth in 2013-14 would be less than six per cent, said 67 per cent of the chief financial officers of leading industrial houses who took part in a survey.

While being "cautiously optimistic" about the country's economic growth, they said corruption and bureaucracy are among the "big concerns" of the industry.

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Image: Shoppers leave a retail store inside a mall in Mumbai.
Photographs: Danish Siddiqui/Reuters
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CFOs expect growth to fall below 6% in FY14

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In a survey of 32 CFOs, conducted by the Confederation of Indian Industry and McKinsey & Co, a little over 50 per cent of the respondents said the euro zone crisis, followed by slowdown in the US and increasing oil prices are expected to create the biggest impact on the Indian economy in the next financial year.

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Image: An outsourcing centre in Bangalore.
Photographs: Vivek Prakash/Reuters

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CFOs expect growth to fall below 6% in FY14

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Recently, Finance Minister P Chidambaram had hinted at lower growth in the coming years, saying the gross domestic product growth in the second half of the financial year would be between 5.5 and six per cent.

The Reserve Bank of India had in its half yearly review of the monetary policy sharply lowered this year's economic growth projection to 5.8 per cent, from 6.5 per cent.

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Image: P Chidambaram.
Photographs: Issei Kato/Reuters

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CFOs expect growth to fall below 6% in FY14

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In the survey, the CFOs called for transparency in governance with zero tolerance for corruption. "India now has the dubious distinction of being among the most corrupt governments in the world," the survey said.

India Against Corruption, the social activists' group led by Arvind Kejriwal, has in recent weeks alleged some of the largest companies in the country had accumulated black money, and highlighted instances of corruption in political and business circles.

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Image: Arvind Kejriwal.
Photographs: Mansi Thapliyal/Reuters

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CFOs expect growth to fall below 6% in FY14

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Appreciating the recent reform measures taken by the government, the survey said the key enablers to fuel economic growth include increased foreign direct investment, reduced fiscal deficit and enabling corporate growth.

Further, 52 per cent of the CFOs said the proposed General Anti-Avoidance Rules was a step in the wrong direction. About 80 per cent of the respondents, said they expect their company's top-line growth this year to be same as last year's.

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Image: A crane unloads fertiliser from a cargo ship at Mundra Port in Gujarat.
Photographs: Amit Dave/Reuters
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CFOs from sectors such as manufacturing, information technology, services, consultancy and financial services were part of the survey, the Confederation of Indian Industry statement said.


Image: A construction worker stands on scaffolding on the outskirts of Jammu.
Photographs: Mukesh Gupta/Reuters

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