Economy Aug 10, 2012
Disappointed over decline in industrial production, Commerce and Industry Minister Anand Sharma said he will soon convene a meeting of industry leaders on the issue.
Worsening economic situation has pulled down the index of industrial production (IIP) by 1.8 percent in June, third fall in four months. "IIP figures are fairly disappointing. We are worried about the downturn particularly the fall in industrial production. We will be convening meeting of that task force in 10 days to discuss these developments," Sharma said.
Besides issues like India's exports, imports and trade deficit, Sharma also discussed IIP numbers with Chidambaram. In July last year, the minister had set up a joint task force, which includes industry leaders and government officials. The task force discussed ways to boost the manufacturing sector.
He also said by autumn, the decline in India's exports would revive on account of the steps taken by the government. "I am sure that the steps which we have taken already and the steps which shall be taken will help in reviving the growth by autumn. It will turn around at least on exports front, I am hopeful," he added.
He said that the government is concerned about decline in the country's shipments. Hit by slowdown in the Western markets, India's export growth declined 5.45 percent in June for the second month in a row.
"There is a need for revival of growth in manufacturing and mining sector," he added.
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