July 3, 2014 8:35 PM

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Indian Industry expects growth-oriented budget, says FICCI

The NDA government will present its first Budget on July 10th and high expectations surround the occasion. Captains of the Indian industry expects the government to present a Budget which is growth-oriented, supportive, anti-inflationary and committee to fiscal consolidation. The industrial sector which contributes largely to the growth of Indian economy has been struggling since last two years and needs to be focused for its revival.The Economic Advisor to FICCI Anjan Roy stressed that the Budget should be policy-driven so that industry as a whole can once again start soaring.He also said that the government should try to make India an attractive investment destination by making business easy.Stating that manufacturing industry needs to be developed, Mr Roy said without developing the manufacturing industry, the country cannot be a major exporter. The industry has showed economic uncertainty,low GDP growth and high inflation as its top-most concerns. Showing no signs of recovery, factory production remained in negative territory for the second month in a row, contracting 0.5 percent in March 2014 due to declining output in manufacturing, especially capital goods. Output as measured by the index of industrial production remained almost flat in 2013-14 and declined 0.1 per cent compared with an expansion of 1.1 per cent in 2012-13 while the Industrial Production showed 3.5 per cent growth in March 2013. Now time has come for gearing up efforts for the revival of the industry.

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