Mr. K. Shiva Shanmugam, President, FKCCI noted with disappointment the negative growth of industrial production during September 2012. Industrial growth for the month of September’12 over the corresponding month of the previous year is (-)0.4%. Manufacturing once again reverted back to the negative growth trajectory, being at (–) 1.5%.
The President was also worried about the massive fall in the production of capital goods during September 2012 (-12.2% growth rate).
At this juncture, Mr. Shanmugam strongly feels and urges the Reserve Bank of India to consider downward revision in the interest rates. He also added that the negative industrial growth is adversely affecting business sentiment and investment tendency and the Government should immediately act towards regaining the same.
