FICCI concerned about weak manufacturing data
Sec-Gen calls for urgent revival of investment
The Federation of Indian Chambers of Commerce and Industry (FICCI) has expressed deep concern about the weak manufacturing data in July.
Commenting on the Index Industrial Production (IIP) for the month of July 2017, FICCI Secretary General Dr. Sanjaya Baru, said “The slowdown in manufacturing and particularly in capital goods sector reflects epressing investment outlook.
“As the slowdown is more pervasive this time in terms of number of sectors, it calls for urgent need to revive investments through reforms especially at the State level and also by bringing down interest rates,” he said.
“As the consumption demand rises during festive season and investment too due to government measures taken in the last few months, we can expect growth to pick up in coming months” Dr. Baru added.
IIP grew nominal 1.2% in July from 4.5% a year ago due to a dismal show of the manufacturing sector, especially capital goods.
During April-July, IIP grew by 1.7%, down from 6.5% in the same period last year.
Manufacturing sector, which makes up 77.6% of the index, grew 0.1% in July compared to 5.3% in the same period of 2016. fii-news.com