New Delhi — India’s slowing economic growth is of serious concern and it has to cut tax and interest rates urgently to revive the economy, a top industrial body said on Monday just before Prime Minister Narendra Modi starts his second term. The economy grew 6.6% in the three months to December — the slowest pace in five quarters — and the Federation of Indian Chambers of Commerce & Industry (FICCI) said the bigger worry was that domestic consumption was not growing fast enough to offset a weakening global economic environment. “The recent signs of slowdown in the economy stem not only from slow growth in investments and subdued exports but also from weakening growth in consumption demand,” FICCI said, suggesting measures the government could adopt in the next budget in June. “This is a matter of serious concern and if not addressed urgently, the repercussions would be long term.” Modi takes the oath of office on Thursday after winning a thumping majority in the general election des...

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