The auto sector went through one of the longest sales slumps leading to nearly 3.5 lakh job losses.
This is a welcome decision of the Supreme Court which has been taken unanimously by the court.
I think we were the first to get off the block and actually take some decisive steps to reducing leverage, said Essar's Prashant Ruia.
HCL founder-chairman Shiv Nadar was speaking at a Vijaydashmi event organised by RSS.
The industry emphasised that it was now critical for banks to facilitate a faster transmission of rate cuts.
The drop in tax rate would now bring India at par with most Asian economies, the report added.
These tax cuts will have tremendous positive effect. We will soon see a turnaround, said Godrej Group Chairman Adi Godrej.
Of total money borrowed by domestic companies, USD 3.37 billion was through automatic route of external commercial borrowing,
Manufacturing output and subdued farm sector activity pulled down India's GDP growth to 5 pc in April-June quarter.
RBI decided to transfer Rs 1.76 lakh crore in dividend and surplus reserve to the government.