Home / Knowledge / News / Textiles / GDP growth in Q1 indicates turnaround - FICCI

GDP growth in Q1 indicates turnaround - FICCI

31
Aug '09
Reacting to the latest quarterly GDP estimate, Mr. Harsh Pati Singhania, President, FICCI said “This growth on a sequential basis from 5.8% in the fourth quarter of 2008-09 to 6.1% in the first quarter in 2009-10 is an indication of a turnaround in the economy”.

“Several key segments of the economy such as mining and quarrying, electricity, gas and water supply and financing, insurance and real estate have recorded higher growth on year on year basis. With global recession bottoming out we expect other sectors such as trade, hotels, transport and communication and manufacturing to accelerate their pace of growth in the coming months and contribute to overall GDP”, he added.

“While the performance of the agriculture sector has been a little disappointing, we are still hopeful of achieving an overall growth of 6.5% in the year 2009-10. The stimulus measures taken by the government are yielding results on the ground and there is a clear case for continuing with these for some more time”, said Mr. Singhania.

The first quarter GDP numbers show picking up of the pace of economic activity over a wide range of sectors compared to last year. They also highlight that despite weak performance of the agriculture sector, the economy is showing a turnaround.

FICCI is hopeful that the manufacturing sector would gather pace as the year progresses. Further, segments like trade, hotels, transport and communication should also gain momentum as recession eases in different parts of the world.

On the whole, despite the drought and a decline in agriculture sector performance, FICCI is hopeful that the economy would clock a growth of 6.5% plus in the current financial year. FICCI supports the need for continuing with stimulus measures for some more time as phasing of these growth triggers can once again affect wide segments of the economy.

FICCI


Must ReadView All

Pic: Better Work

Apparel/Garments | On 24th Oct 2020

Positive change in Cambodian garment sector due to ILO BWP

Cambodian factories receiving the full package of services by Better...

Pic: Awaj Foundation

Apparel/Garments | On 24th Oct 2020

COVID erodes income of a third of Bangla apparel workers

Nearly a third of Bangladeshi garment workers suffered loss of...

Pic: Ralph Lauren

Fashion | On 24th Oct 2020

Ralph Lauren, Parity.org convene group to close gender gap

Ralph Lauren, which designs and markets premium lifestyle products,...

Interviews View All

Rahuul Jashnani, Jashn

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Sonia Agarwal, Whitenife

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Lin Jing,

Lin Jing

Jiangsu New Victor is a Chinese mechanical equipment manufacturing...

Akash Sehgal,

Akash Sehgal

Part of retail and hospitality conglomerate Landmark Group in Dubai,...

Ramez Basmaji,

Ramez Basmaji

Fabusse is a Lebanon-based fashion agency that offers a variety of...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Suresh Patel, Sidwin Fabric

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

<span style="font-size: 12px;">Designer Suman Nathwani talks about her...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search