won fresh orders worth Rs 21,516 crore despite sluggish investment climate, and some of the anticipated orders did not materialise due to delay in bid process, he added.
Its IT and technology services achieved customer revenue of Rs 2,454 crore during the quarter, registering growth of 9 per cent. Likewise, financial services logged customer revenue of Rs 2,108 crore, up 11 per cent, driven by higher loan disbursements mainly in microfinance, housing and wholesale finance.
Raman said domestic growth appears to take longer time as investment momentum remains weak and the banking system is burdened by NPA overhang.
On the impact of then noteban, Raman said, the move has caused disruption in the economy while its impact on business sentiment is yet to be conclusively assessed.
“The government should understand that all the money in the system is not black and the market is not only about speculation, but it is for investment as well, though there are speculations,” he said.
Raman added that challenging business conditions are expected to continue in the next few quarters until the government moves to lift growth through “infra spend and tax reforms take effect”.
(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
Source: dnaindia.com