Reacting on snail pace of growth of industrial production in the month of June, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has predicted that its reflection cannot be avoided now on the GDP growth of 2008-09.
ASSOCHAM President, Mr. Sajjan Jindal said that the manufacturing sector has been witnessing consistent fall which for the month of June 2008 has slipped to 5.4% from 8.9% a year ago is now a matter of serious concern.
The ASSOCHAM Chief said that even if industry is accorded the best possible packages in terms of incentives and concessions, the GDP growth is unlikely to be close to 9%.
“We would be lucky if India achieves a GDP growth of 8% as in first quarter of current fiscal, industrial production has suffered heavily”, said Mr. Jindal.
According to him, the only satisfaction one can draw is that consumer durable growth has gathered a momentum but the ASSOCHAM suspects if it would be sustained.
With good monsoon, however, there is a hope that the agriculture production will increase and to some extent, compensate for the industrial losses, feels the ASSOCHAM.
Associated Chambers of Commerce and Industry of India
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