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'Bring Keynesian multiplier in full effect' - Dr Mitra, FICCI

13
Dec '08
Dr Amit Mitra, S.G, FICCI
Reacting to the industrial production figures released today, FICCI said that the contraction in industrial activity in the month of October 2008 over October 2007 is not surprising.

“This was anticipated by FICCI and was reflected in its recent survey on the manufacturing sector. Now is the time to immediately release the second stimulus package. To bring the Keynesian multiplier in full effect a third stimulus package must be planned from now and released in mid January 2009 to return the economy to a sustainable growth rate above 7 per cent”, said Dr. Amit Mitra, Secretary General, FICCI.

Industrial production has been fluctuating over the last few months with a distinct downward trend and in October it finally crossed the threshold and turned negative. This was anticipated and efforts will have to be made to somehow reverse this trend. FICCI did expect such a development given the policy matrix set in place over time.

Now that there has been a reversal in the tight monetary policy stance of the RBI and government too has announced a fiscal stimulus package, FICCI hopes that this trend will change and we could see improved growth in the future. However, it is important to note that monetary and fiscal measures have just been introduced and their impact on industrial growth will be seen only with a lag.

Given the present situation, the early announcement of the second stimulus package as mentioned by the Commerce and Industry Minister will help in restoring the buoyancy in the industrial sector.

FICCI


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