Though many top world economic body predicted slower growth for India, two top Indian industrialists -- Reliance Industries Chairman Mukesh Ambani and auto major Mahindra & Mahindra Chairman Anand Mahindra (M&M) – are of the view that economy has started showing signs of a pick-up. The recent sales indicators show the worst is now left behind.

Speaking at the Future Investment Initiative summit in Riyadh, Ambani said that India’s slight economic slowdown would reverse in the coming quarters. What I see happening in the past 2-3 years was transformation.

Ambani said, “If you look at what happened, yes, there has been a slight slowdown but in my view it’s temporary.” “All the reform measures that have been taken in the last few months will show the outcome. I am quite sure that in the coming quarters this will reverse,” he said.

Ambani is in talks with Saudi Arabian oil giant Aramco to sell one-fifth of his oil-to-chemicals business in India for $15 billion. He said that India and Saudi Arabia have almost factors to drive growth — technology, young demography, and leadership.