The negative growth of IIP at (-) 2.4
for the month of July 2016 is a major cause of concern as growth of Capital
goods has decelerated significantly by (-) 29% which is indicative of subdued
pace of investments in the economy, said Dr. Mahesh Gupta, President, PHD Chamber of Commerce and Industry in
a press statement issued here today.
However, the growth of consumer
durables at 5.9% is encouraging in anticipation of bumper kharif crops
vis-à-vis good monsoon scenario. We believe there is a need to push domestic
demand particularly the rural demand in the economy, said Dr. Gupta.
We look forward to calibrated policy
measures from the RBI in terms of reduction in the policy rates.
We also look forward to increase in
public investments by the Government to help domestic demand to revive in the
coming times, said Dr. Gupta.
The revival in the domestic demand
would be crucial for the steady growth trajectory going forward as world
economic environment is still in its lacklustre growth trajectory, said Dr.
Mahesh Gupta.
These measures would go a long way to
boost consumer demand and growth of manufacturing sector in the economy, said
Dr. Gupta.
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