The following are the main talking points of the Finance Minister Shri P. Chidambaram at the Interactive Session held with Industry Associations on increasing the industrial growth rate.
Representatives from ASSCHAM, CII, FICCI and PHD Chamber of Commerce and Industry who participated in the session gave various suggestions. Minister of State for Finance (EB&I), Shri Pawan Kumar Bansal and Senior Officers of the Ministry were present at the session.
“We have reason to feel a sense of satisfaction when we look at the performance of the Indian economy– our macroeconomic fundamentals continue to be strong and there are reasons to believe that robust economic growth will continue.”
“According to the revised estimates of the Central Statistical Organisation, real GDP growth accelerated from 7.5 percent in 2004-05 to 8.4 percent in 2005-06, with the services sector continuing to be the major driver of economic activity.”
An industrial growth rate of 8.7 percent was propelled by 9 percent growth in manufacturing activity, more than offsetting the deceleration in 'mining and quarrying'. The manufacturing sector accounted for over 90 percent of the overall industrial sector growth.
Industrial growth in the first four years of the Tenth Plan (2002-2006) averaged 7.3 per cent. Key sectors driving this growth in the Tenth Plan were chemicals, machinery and equipments, transport and auto parts, basic metals, non-metallic mineral products, particularly cement; beverages and tobacco products and apparels.
Relative to these sectors, textiles, leather, wood products, food processing and metal products in the manufacturing sector and the mining and electricity sectors performed poorly.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
