Business Daily from THE HINDU group of publications
Tuesday, July 21, 2009
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Business Daily from THE HINDU group of publications Tuesday, July 21, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Update at 1730 hrs (IST)
Industry 'Manufacturing sector to post reasonable growth in Q2' NEW DELHI: The manufacturing sector, which accounts for around 80 per cent of the industrial production, is likely to see a reasonable growth in the second quarter of the fiscal even as high interest rates and declining exports would continue to impact i t, a survey said. Eight out of the 10 segments of the sector would report not only positive but also high growth for the July-September 2009 period over the same quarter last year, the survey by industry body FICCI said. However, ''...the growth in our manufacturing sector would continue to be restrained by exports in July-September 2009,'' the survey said based on responses from 250 firms in 10 sectors, including textiles, metal, chemicals, tyre and electronics. Respondents from five sectors - textiles, metal and metal products, tyres, chemicals and miscellaneous - expect their exports would continue to fall in the second quarter. FICCI further said that besides exports another factor that would impact growth o f the manufacturing sector is the rate of interest and difficulties in procuring credit by small and medium enterprises. It said that credit is still provided at interest rates as high as 16 per cent making the Indian manufacturers uncompetitive globally. - PTI
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