Striking a positive note, Godrej and Boyce Manufacturing Company CMD Jamshyd N Godrej today said the economy should be in a better position next year.
"It is difficult to say (when the economy will recover). I think next year should be better," he told reporters on the sidelines of the launch of Green Power Market Development Group here.
"The government is talking about six to seven per cent growth rate." It was difficult to forecast the kind of growth, but if the government puts right policies in place, things would change for better, he said.
Replying to a question, Godrej said he did not see any difficulty as most of the good companies were growing at 10-12 per cent rate and would continue to do so.
"The demand is not only in India, but also global. Hence I don't see any difficulty," he said.
Showing persistent sluggishness, India's economy grew by 5.5 per cent in the April-June quarter, mainly on account of poor performance of manufacturing, mining and farm sectors.
The gross domestic product (GDP) had expanded by 8 per cent in the April-June quarter of 2011-12. Besides, the economic growth in the January-March quarter last fiscal was at nine-year low of 5.3 per cent.