Industry & Economy
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Economy
Industry bodies positive on sustained growth
The chambers have asserted the need for the Government to take more steps to sustain growth
Our Bureau
New Delhi, Nov. 28 Industry bodies termed the latest GDP estimates for the second quarter of the fiscal as satisfactory considering the global recession.
At the same time, they have asserted the need for the Government to take more steps to sustain growth.
The Confederation of Indian Industry said, “The GDP figures reaffirm our belief that the Indian economy remains resilient in the face of headwinds. High interest rates domestically and the global economic slowdown have been widely expected to have an adverse impact on the GDP growth this year. In these circumstances, the estimated growth of 7.6 per cent shows that the growth momentum has so far remained intact.”
The apex industry chamber, however, warned that the growth would slip further in the second half of the year when the complete impact of the economic crises would be felt.
CII recommended measures such as interest rate cut, ensuring credit flow to small and medium enterprises and a fiscal stimulus, to boost growth.
On similar lines, the Federation of Indian Chambers of Commerce and Industry also recommended that the Government take large scale infrastructure projects and infuse liquidity.
‘The Government spending is critical to produce a Keynesian multiplier effect and sustain growth through this and the next fiscal,” said the Chambers in a statement.
Assocham too expressed satisfaction on the current growth.
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