Worst behind us, growth rate improving: Adi Godrej

MUMBAI: Noted industrialist and Chairman of the Godrej Group, Adi Godrej, on Thursday said that the October- to-December quarter of 2008 was the worst-ever, with respect to a deteriorating global economy.

"The October-to-December quarter, I think, was the worst quarter. (But now) the situation is clearly improving. Growth rates have been improving quarter on quarter," Godrej said at a function here.

On the country's upcoming general election, Godrej said, "the bigger agenda (for India's polity and leaders) is to restore the country's economic growth rate to the earlier 8-9 per cent."

He said the Government should employ all monetary and fiscal stimuli to prop up India's pace of economic growth.

"India's GDP has gone down, tax collections have gone down. We must employ all monetary and fiscal stimuli to improve growth. We should not be too concerned with the fiscal deficit right now. If it increases inflation, then they (Government) should revisit it (fiscal deficit)," Godrej said.