Industry body ASSOCHAM said the deep dip in industrial growth rate during December underline the need for stimulating investments by reviewing monetary policy stance taken so far by the Reserve Bank of India.
Unless immediate steps are taken, the GDP growth may even fall below 6.9 per cent during 2011-12, said The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
“The latest IIP figures show deep slowdown in basic core sectors like mining and minerals as well,” said secretary general D.S. Rawat. “Amid global uncertainty, a radical policy shift is needed to retain investor confidence and ensure inflow of overseas funds.”