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FICCI suggests Growth Package for manufacturing sector
19
Feb '08
In order to address the current slowdown in the Indian manufacturing sector, FICCI has suggested a growth package that includes recommendations for both short and long term.

According to FICCI Survey on Manufacturing Sector, while the slowdown in Indian manufacturing sector is not pervasive and has affected only some sectors, but it is a cause for concern. FICCI said that the slowdown may continue for some more time given the current economic scenario.

In its recommendations, FICCI suggested stimulating consumption/demand; reducing interest rates; no further cuts in custom duty on manufactured goods; relief package for exporters; increasing rate of depreciation; reducing corporate tax rate; appropriate raw material policies; capacity building of SMEs; improving regulatory environment; skill development and improving infrastructure as measures to boost the growth of manufacturing sector.

Almost 50% respondents in FICCI Survey reported slowdown in their sector in the last few months which has significantly affected the investment plans of manufacturers in some sectors.

FICCI Survey observed that investment plans have been affected in sectors like textiles, machinery components, electrical products, project equipments, machinery, pressure vessels, tanks, heat exchangers, thermal transfer equipments.

Besides investment plans, FICCI Survey noted that operating capacities have been affected to the extent of even 25% in the last few months vis-à-vis last year in a few manufacturing sectors like food processing, electrical products, chemicals & dyes, builders hardware, boilers, tanks etc as a result of slowdown.

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Federation of Indian Chambers of Commerce and Industry

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