FMCG and hospitality major ITC Ltd on Friday said that current slowdown in the economy is sectoral.

In an interview to CNBC-TV18, Somnath Chatterjee, head of purchase, ITC Food Division, said, "We have been witnessing a slowdown for the last couple of quarters. In our premium and portfolio, the slowdown is not as pronounced, in fact, there is modest growth."

"In snack food segment, there is reasonably good growth. However, at the bottom of the pyramid like glucose biscuits are seeing perceptible slowdown,” he said.

“The one saving grace has been the monsoon. It has panned well and that gives a tangible and psychological support to rural consumer and so we are expecting that sales may not be as depressed or morose it was a few months back,” Chatterjee added.

"Moreover, almost all agri-commodities have been benign over last 3-4 quarters. So ITC is able to craft offerings, which could stimulate growth going forward. While it is not easy to change price points but we are crafting offerings, so that we are offering more to the consumer and hope that there would be some kind of turnaround now,” Chatterjee said.