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Friday, Feb 15, 2002

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`Budget must stall the slide'

Our Bureau

NEW DELHI, Feb. 14

EXPRESSING concern over the continued dip in industrial growth, the Confederation of Indian Industry (CII) has stressed that the Budget must address the problems faced by the industry.

In a statement, the chamber said that the industry, especially manufacturing, needed measures that would address not only the immediate issue of lack of demand, but also long-term measures to reverse the shrinking contribution of industry in the country's GDP.

The latest Index of Industrial Production (IIP) figures for December 2001, released by the Central Statistical Organisation, confirmed the downtrend in industrial production growth.

In fact, poor month-over-month IIP growth was not a recent phenomenon. The IIP growth had been declining since October 1995. There had been periods of growth, but peak growth rates had declined steadily, the chamber said.

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