Apex industry body ASSOCHAM today termed the figures for index of industrial production (IIP) for March 2016 as ‘uneven and fragile.’
“The macro picture, as reflected by negligible up-tick in industrial growth thanks to a sharp deceleration in capital goods and other vital segments for March and retail inflation expanding at a much higher pace than expected, looks challenging once again,” said Mr Sunil Kanoria, president of The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
“Widespread drought has definitely affected the food prices sending the consumer price index (CPI) upwards, hoping normal Monsoon should bring in comfort level,” said Mr Kanoria.
“Overall, the big picture looks far more difficult making it imperative for the government to bring in policy reforms and demand push measures,” said the ASSOCHAM chief.
“The government must also front-load its capital expenditure for the fiscal 2016-17 to stimulate the economy,” he added.
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