Assocham reaction: Index of Industrial Production (IIP) for February 2013

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Assocham reaction: Index of Industrial Production (IIP)
Both the macro-economic numbers - industrial production and retail inflation clearly point to a dismal state of affairs in the Indian economy, requiring urgent and bold steps not only from the Finance Ministry and the Reserve bank but also from several other key wings of the government including the environment ministry, Defence and the Commerce Ministry.

"Industrial growth of mere 0.6 per cent in February and a cumulative of 0.9 per cent is hardly a growth. We are almost slipping into the negative zone.

Numbers including continuous of the double digit consumer inflation will add to the problems at the macro level," said ASSOCHAM president Rajkumar N Dhoot.

He said an all-out effort must be made to restore investor sentiment and consumer confidence. "Both stand shaken today. While it is true that the global factors have aggravated the situation, there is not much enthusiasm n the domestic economy as well," he said.

The ASSOCHAM president made an appeal to the prime Minister Dr Manmohan singh to direct the concerned ministries to clear the non-legislative decisions.

"Banks must also be asked to support the entrepreneurs who seem to be difficult times. Chasing them through courts or debt recovery tribunals will not help. It is working together, which is required. Any non-performing assets can be converted into a performing assets, if pragmatic approach is adopted, "said Mr Dhoot.

Source: Assocham

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