The IMF marked down India's growth projection for 2020 by 1.2 percentage points from its October forecast and expects Asia's third-largest economy to grow by 5.8% before jumping up to 6.5% in 2021.
"In the last five years, there has been a big reform agenda, which the government has carried out. When we're transitioning to a new phase, new way of doing business, I think this is the pain we're going through," Kumar said.
Anand Mahindra, CEO of multinational conglomerate Mahindra Group, pointed to the IMF's 2021 projection for the country. "India will be 6.5%, ahead of China's 5.8%, which will make us once again the fastest-growing economy in the world," he told CNBC's Karen Tso. "I guess it's one of those cases of 'Is the glass half-full or half-empty?' Everybody's looking at the bad news, and I think that's become a default thing."
Meanwhile, Salil Parekh, who runs Infosys, which provides information technology and outsourcing services to foreign firms, told CNBC's Geoff Cutmore and Steve Sedgwick that since most of his business is outside India, the slowdown hasn't had any material impact on operations. But many of his employees have been affected.
"I know the government, the prime minister, and everyone in the business community are working towards putting in measures that are going to bring the growth back. My sense is in the next few quarters, we'll start to see that," Parekh said.
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