India Inc on Thursday while expressing disappointment over the weak industrial growth asked for more measures to boost the slowing demand, besides implementation of already announced stimulus packages and further interest rates cuts.
Ficci said the several measures was taken by the government and these should be implemented timely. "After the review of the situation we may need further package," it said.
However, Sajjan Jindal, the Assocham President said that in the recent past such a negative growth was never recorded in the manufacturing sector. So huge fiscal along with excise and other duty concessions are immediately required to give a support to the industry fall back on growth momentum.
Manufacturing sector reported a negative growth of 2.5 per cent as compared to 8.6 per cent in December 2007. The IIP had contracted for the first time in 15 years in October 2008.
Ficci said the several measures was taken by the government and these should be implemented timely. "After the review of the situation we may need further package," it said.
However, Sajjan Jindal, the Assocham President said that in the recent past such a negative growth was never recorded in the manufacturing sector. So huge fiscal along with excise and other duty concessions are immediately required to give a support to the industry fall back on growth momentum.
Manufacturing sector reported a negative growth of 2.5 per cent as compared to 8.6 per cent in December 2007. The IIP had contracted for the first time in 15 years in October 2008.
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