India's top companies flag slowdown concerns as global recession looms

Chairman of the top two consumer goods companies, namely ITC and HUL, were blunt in their assessment of the market

Executives at some of India’s top companies have been striking a note of caution amid the June quarter results season, saying slowdown concerns are real as global recession looms.

On Tuesday, the International Monetary Fund (IMF) slashed its forecast for global economic growth to 3.2 per cent for 2022 and 2.9 per cent for 2023. It said there was a marked deceleration when compared to the 6.1 per cent economic growth seen in 2021.

Companies from Reliance Industries (RIL) to Larsen & Toubro (L&T), Ultratech, JSW Steel, Hindustan Unilever (HUL) and ITC have been quick to pick up the cues.