Fast-moving consumer goods (FMCG) major ITC on Wednesday said there is a widespread slowdown in the economy, but it is optimistic about the future.

In an interview to CNBC-TV18's Kritika Saxena on the sidelines of the jury round of the 15th India Business Leaders Award (IBLA), Sanjiv Puri, chairman and managing director, said, "The exact assessment of the impact of the festival would only unfold over a period of time as pre-festival is a time when stocks get available to the trade and the replenishment will tell us the velocity. Therefore, we will have to give it some time."

"However, we need to keep in mind that given the lower levels of per capita consumptions, penetration levels and the monsoon have been relatively favourable. Also, the soil has sufficient moisture for the next crop itself - these are some of the signs augur well for the future and India is a growth market, and a consumption market," he said.

Further, Puri said, "The whole growth on the economy has to come on a virtuous cycle of investments, growth, employment, export – that’s the kind of cycle that should become virtuous."

"The change in the corporate tax enhances the competitiveness of India, makes the viability of projects even better. So, I do believe that it augurs well and going forward it’s going to provide some booster to the investments in the economy for sure,” Puri added.

First Published:Oct 9, 2019 5:50 PM IST