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IIP growth figures fall 5.8 percent from April-Oct

12
Dec '08
Commenting on the October IIP figures the CII Director General, Mr Chandrajit Banerjee said that this is a clear indication that industry needs the highest attention. CII had already projected that the second half of the year would start reflecting a combination of factors including the developed world recession, the lagged effects of the previous rate rises in India and the emergence of a credit crunch in the country.

It is imperative to ensure that these factors do not continue to play out over the coming months and need to be dealt with using more counter cyclical measures to boost the industry.

Expressing hope that the fiscal package announced on 7 December would provide part of the much needed impetus to industrial growth, CII said that the package needs to be seen as only the beginning as sector specific government interventions are required to ensure that the industrial slowdown is not precipitated any further, in the Press Release issued here today.

The matter assumes additional seriousness since a (-) 1.2 percent growth in manufacturing poses a real threat to the employment prospects of the economy. This also calls into question the overall growth estimates for 2008-09 since the April to October IIP growth figure stands at a mere 4.1 percent as against 9.9 percent in the same period last year, said the CII release.



Confederation of Indian Industry


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