New Delhi, 12 December 2014:
“The fall in manufacturing growth in October is disturbing, more so because it
is broad based and not limited to a few sectors. It is in line with the
findings of FICCI Manufacturing Survey which expected slowdown in the third
quarter”, said Mr Sidharth Birla, President, FICCI.
“It not only reflects slowdown in investments
but also the deep rooted slackness in consumer demand which requires bringing
down the interest rates urgently. It would also need faster implementation of
Government’s intentions to introduce reforms in which States have major role to
play”, Mr Birla added.
FICCI has expressed concern
over the fact that despite being a festive month, growth of consumer goods
especially durables has been negative in October.
Earlier, FICCI Quarterly Manufacturing
Survey noted that the outlook for Q-3 of 2014-15 is less optimistic than in Q-2
2014-15 for the manufacturing sector as proportion of respondents expecting
higher production vis-à-vis last year has fallen to 52% in Q-3 from 62% in Q-2.
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