PHD Chamber Describes Stock Market Mayhem Beyond Our Control, Calls For Proactive Steps To Revive Manufacturing

President, PHD Chamber of Commerce and Industry, Mr. Alok B. Shriram has described the mayhem in the stock market and Sensex as primarily fuelled by external factors and urged the authorities in the department of finance to take corrective steps to spur up manufacturing.

Mr. Shriram also urged the policy makers to proactively address the issues, relating to manufacturing in MSME segment and added that India must address the pending issues about the Companies Act as highlighted time and again by different sections of industry in MSME segment as also prune and reform the host of labour laws and set right the outdated pollution related laws that fall in the domain of central as well as state governments.

The economy in general is getting hurt because of aforesaid factors and little efforts is seen in taming the local politicians who often intervene and interrupt and indulge in activities that thwart industrial happenings at various localities, pointed out Mr. Shriram.

According to him, the stock market crash is purely due to global turbulence in which currency devaluation is being done to serve the ulterior objectives of few economies in which India has little control over. The rupee devaluation has grown significant though the Chamber holds that the government and the RBI will succeed in addressing this fall for which nothing to be worried about.

Mr. Shriram pointed out that some of the reformists agenda that has been suggested by the PHD Chamber here today need to be urgently paid heed to so that the MSMEs, which are the back bone of the Indian economy begin to perform as per their potential to contribute to manufacturing, job creation and exports.

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