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Ficci calls for reforms at state level, cut in interest rates

Press Trust of India  |  New Delhi 

With the manufacturing sector decelerated sharply to 0.1 per cent in July, industry body today asked for cut in and more reforms at state level to revive

Secretary General Sanjaya Baru said that the slowdown in manufacturing sector reflects depressing investment outlook.

"As the slowdown is more pervasive this time in terms of number of sectors, it calls for urgent need to revive through reforms especially at the state level and also by bringing down interest rates," he said in a statement.

He said that as the consumption demand would increase in the festive season and "investment too due to measures taken in the last few months, we can expect growth to pick up in coming months".

The Index of Industrial Production (IIP) during July slipped on account of manufacturing performance.

Growth of the manufacturing sector, which makes up 77.6 per cent of the index, decelerated sharply to 0.1 per cent in July compared to 5.3 per cent in the same period of 2016.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 12 2017. 20:28 IST