Tuesday, June 24, 2008

IIP fall is temporary, says ASSOCHAM

by Jo Black

The Associated Chambers of Commerce and Industry of India (ASSOCHAM), the highest body of the Chambers of Commerce of India, predicts that the fall in Indian Industrial Production is temporary.

The ASSOCHAM President, Mr. Sajjan Jindal has said that higher input and borrowing costs coupled with global slowdown caused slippages in Industrial Production, which fell to 7% in April 2008 from 11.3%, the same month in preceding year.

The ASSOCHAM Chief, however, added that that slowdown is temporary and is due to higher input costs, little availability of power, disruption in infrastructure facilities and under-capacities of ports, which needs addressing urgently by the government.

Mr. Jindal further said that suitable policy measures would be forthcoming so that the infrastructure sectors including steel and cement do better and contribute to industrial production in a manner so that no shortages are reported and employment is multiplied.

He urged the government to correct anomalies in the steel sector as far as its tax structure is concerned.

The ASSOCHAM covers a membership of over 200,000 companies and professionals across the country.

It was established in 1920 by promoter chambers, representing all regions of India.

 

 

 

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