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"Core sector growth figures point to slowdown in growth" - FICCI

07
Nov '08
“The core sector growth figures released today is another affirmation of FICCI's repeated industrial survey results that have shown that the growth momentum has been weakening and that slowdown in growth has been spreading from light industry to heavy industry” said Dr. Amit Mitra, Secretary General, FICCI.

“With overall industrial production figures also showing a declining trend, it is now imperative that boosting growth becomes the focus of all policy actions”, Dr Mitra added.

While the fall in growth figures between September 2007 and September 2008 is not alarming – from 5.8 per cent to 5.1 per cent, the fall is much steeper if one compares the April-September period of 2007 and 2008 – the core sector growth fell steeply from 6.9 per cent to 3.9 per cent, which is alarming.

Due to apprehensions of this nature, FICCI argues for a sizable reduction in the interest rates and for pump priming the economy through expeditious implementation of large-scale integrated infrastructure projects. “These measures would spur demand for consumer goods as well as for industrial goods and thereby give a push to overall growth in the economy”, he added.

With the government now having infused the first tranche of liquidity in the system and with banks indicating a downward revision in the interest rates, FICCI hopes that the growth triggers would be ignited. Further, to sustain the growth momentum that may arise from the current actions, more liquidity, lower cost of borrowing and pump priming of the economy are critical. In this context, the core sector growth figures released today are instructive.

FICCI


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