Economic gloom worrisome, time to take corrective steps: SBI chief

Posted By: Religare
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Economic gloom worrisome, time for corrective steps: SBI
Expressing concern over economic outlook, the State Bank of India Chairman Pratip Chaudhuri on Wednesday said the continuing economic gloom is worrisome and it was time when policy makers "wake up" to take urgent corrective steps.

Stressing to give more attention to the industrial sector, he said that all major economies in the world have grown on the back of their manufacturing prowess.

"This (the slowdown in growth) is very worrisome ... I think the industrial sector really needs attention and the IIP growth at two per cent for April, (while) we have been expressing satisfaction that GDP growth is at five per cent," the chairman of the nation's largest bank said.

Commenting over April industrial growth, he said, "The industry component at two per cent is a great matter of worry. Everybody, the policy makers, as also people in the field need to give it a thought ... The low IIP growth which has been happening for the past one year, its time we wake up to that," he added.

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