The sectors such as construction, IT and automobile, during the April-November period this fiscal found it difficult to raise funds from overseas on account of financial meltdown, says a study.
The External Commercial Borrowings (ECB) by the industry during April-November 2008 fell steeply by 35.74 per cent to USD 13.78 bn as compared to USD 21.45 bn in the same period of 200, the study by industry body Assocham said. The Construction, IT, steel, aviation and automobile sectors, which were among the top ECB raisers in the first eight months of 2007, have registered the steepest fall in the same period of 2008 as global liquidity pressure along with the recession in the developed countries and domestic demand slowdown took toll on the fund raising capacity of the Indian industry, it said. The study said, among the sectors that recorded maximum dip in ECBs in 2008 include construction (97.34), IT (95.5 per cent), steel (91.63 per cent), aviation (86 per cent), automobile and automobile components (78 per cent).
However, 36 sectors have recorded decline in ECBs out of the 51 sectors tracked by the study. The number of companies going for the offshore borrowing route has slipped by 19.5 per cent to 345 for the eight-month period as against 429 in the same period last fiscal.
The External Commercial Borrowings (ECB) by the industry during April-November 2008 fell steeply by 35.74 per cent to USD 13.78 bn as compared to USD 21.45 bn in the same period of 200, the study by industry body Assocham said. The Construction, IT, steel, aviation and automobile sectors, which were among the top ECB raisers in the first eight months of 2007, have registered the steepest fall in the same period of 2008 as global liquidity pressure along with the recession in the developed countries and domestic demand slowdown took toll on the fund raising capacity of the Indian industry, it said. The study said, among the sectors that recorded maximum dip in ECBs in 2008 include construction (97.34), IT (95.5 per cent), steel (91.63 per cent), aviation (86 per cent), automobile and automobile components (78 per cent).
However, 36 sectors have recorded decline in ECBs out of the 51 sectors tracked by the study. The number of companies going for the offshore borrowing route has slipped by 19.5 per cent to 345 for the eight-month period as against 429 in the same period last fiscal.
No comments:
Post a Comment