The argument propagated has been to boost the consumption and the domestic demand by reducing GST rates further.
According to the UBS India financial conditions index, growth may have reached a trough in the June 2019 quarter.
CII said the measures announced come at a time when the world economy is buffeted by global headwinds and trade slowdown.
Growth in exports was between nine and ten per cent and the volume touched USD 331 billion.
Personal consumption spend has outgrown household income, leading to household savings plummeting to a low 21 pc.
The government has set 7 per cent growth target for the current fiscal and data points of the first quarter are in line with that direction.
Factory output, as measured by the Index of Industrial Production (IIP), had expanded by 7 per cent in June 2018.
Net profit rises nearly 15 per cent, volume up 5 per cent.
The Code on Wages is one of the four codes that would subsume 44 labour laws with certain amendments.
Finance Minister said in the last quarter, there could have been a fall and steps have been taken to improve the economy.