New Delhi, Sept. 11 (ANI): Terming the IIP numbers for July 2015 as ‘encouraging’, apex industry body ASSOCHAM said that industrial activity seems to be finally getting revived as indicated by the 4.2 percent growth seen in July 2015 over the corresponding month of 2014.
“With prices seemingly under control, the monetary authority must focus on ensuring that cost of finance to the industry becomes competitive,” said Mr Rana Kapoor, president of The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
“This would surely help build upon the growth momentum as indicated by the July 2015 IIP numbers, therefore RBI in its upcoming bi-monthly monetary policy must give due consideration to providing further fillip to the industrial growth and probably announce at least 25 bps rate cut,” said the ASSOCHAM chief.
“Further, the Government needs to keep on pushing at more ground level reforms and improve implementation so as to realize the economy’s true potential,” said Mr Kapoor.
“The need is for creating an investment and industry friendly environment that is largely focused on growth, job creation, poverty alleviation and passing the benefits of the economic growth to the lowest sections of the economy,” said the ASSOCHAM president.
“While the process of recovery might have started, we need to continue with the reforms process to ensure that we are firmly rooted on a sustainable growth path,” he added.
Dr. Jyotsna Suri, President, FICCI said, “It is encouraging to see the positive growth in manufacturing over the last few months and we hope that this growth and demand will pick up as we are nearing the festive season. There is a potential to take this growth to a higher level with the help of more supportive policies for stimulating domestic demand and exports”
“Government’s efforts on multiple fronts to create an enabling environment for business is going to provide impetus to the manufacturing growth in the future” noted Dr. Suri. (ANI)