The Hindu Business Line : Jaitley sees better growth in H2

The Minister for Commerce and Industry, Mr Arun Jaitley, with Mr Ravi Wig, Vice-President, PHDCCI, at the 98th AGM of the industry chamber in the Capital on Saturday. — Ramesh Sharma

New Delhi , Nov. 15

ENTHUSED by the robustness in industrial growth in the second quarter of the current fiscal, the Union Commerce and Industry Minister, Mr Arun Jaitley, said on Saturday that the industrial sector performance in the third and fourth quarters (second half of the fiscal) would better the performance in the second quarter.

Addressing the 98th Annual Session of the PHD Chamber of Commerce and Industry here, Mr Jaitley called for a change in mindset, especially from those involved in the manufacturing sector.

"There are still areas where you fear competition. This must change," he said.

Mr Jaitley highlighted that the country's non-oil imports of raw materials and intermediates had gone up in the current year, indicating good industrial activity.

He also said there had to be a realisation among different sections of the society that "profit in business is a good word and not a bad word anymore."

Mr Jaitley pointed out that profitability was one of the import factors that determine investment inflows.

"If there are no potential for profits, then investments won't come," he said.

Mr Jaitley expressed confidence that the country's GDP would grow by at least 7 per cent in the current year.

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