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India's Mukesh Ambani says current slowdown in the country 'temporary'

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The billionaire chairman of India's Reliance Industries Ltd Mukesh Ambani said on Tuesday that the current slowdown in the country was "temporary" and that a string of reforms implemented by the government in the last few months will boost the economy going forward.

"The current slowdown is temporary," Ambani said at the Future Investment Initiative in Saudi Arabia.

A slowing manufacturing sector and lower consumption have hit India’s economy hard. This has been exacerbated by ongoing trade-tensions and slowdowns in other major economies. India’s central bank recently cut its GDP growth estimates for FY 2019-2020 to 6.1 percent, from its previous forecast of 6.9 percent.