Rebound in industry output is inspiring on remarkable growth in manufacturing and consumer goods segments. The recent reforms unveiled by the government, in the form of FDI in retail, aviation, insurance would yield the fruits and push industry growth rate in high growth trajectory, going forward.
We believe, the plethora of reforms has potential to boost economic and business sentiments that will help rebalance economy on both the supply and the demand side, said Mr. Sandip Somany, President, PHD Chamber of Commerce & Industry
The growth in industry, as measured in terms of IIP at 8.2%, for the month of October 2012 as compared with de-growth of (-) 5% during October 2011 is inspiring. The cumulative growth for the period April-October 2012-13 stands at 1.2% compared to 3.6% in the corresponding period of the previous year.
The global situation is much worse than it was at the earlier years of Post-Lehman crisis. Global growth is likely to slow down further. At this juncture, it is necessary to remove the pending constraints in the power, coal and road sectors at the earliest.
Implementation of tax reforms like GST and DTC, reforms in infrastructure financing scenario, swift clearances in land acquisition and environmental issues etc are still awaited. These reforms could go a long way in enhancing India's growth potential by boosting productivity, investments, and human capital.
Going ahead, there is a need to take speedy decisions to accelerate investments to support the rebound in industrial growth.