The Hindu Business Line : CII seeks national manufacturing policy

New Delhi, May 12 The industrial production numbers released on Monday, indicating a low 3 per cent growth in March (14.8 per cent), have triggered concern in the corporate community.

While CII has called for a National Manufacturing Policy to help increase growth in manufacturing, FICCI has sought a revision in interest rates.

“Capital goods could get much needed boost by implementation of recommendation made to the Prime Minister by A.M. Naik’s task force. A National Manufacturing Policy will help manufacturing consolidate in the long term,” said CII in a statement.

“There is urgent need to build infrastructure, create institutions and policy for advanced manufacturing and engineering, remove bottlenecks with respect to power costs and labour laws,” CII stated.

In view of the data released, FICCI Secretary General, Dr Amit Mitra, said that the Government should give a leg-up to industry by providing the right environment including an interest rate revision.

“Performance of the manufacturing sector is expected to be lower even in the first quarter of 2008-09. Some of the major concerns of Indian industry are increase in the prices of raw material and high interest cost; they continue to remain unaddressed”, said Dr Mitra.

To immediately address the slowdown in manufacturing, FICCI feels the Government needs to provide more fiscal measures that would help in reducing the cost of the manufacturers and also stimulating the demand in the economy in the wake of the current global slowdown.

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