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Manufacturing in trouble: Sanjaya Baru
Dr Sanjaya Baru, Secretary General at FICCI, on Monday said the domestic manufacturing sector was lagging behind other nations. Baru has expressed concerns over the drop in investments, while adding that this could further impact the performance of industry and business as well.
Hyderabad: Dr Sanjaya Baru, Secretary General at FICCI, on Monday said the domestic manufacturing sector was lagging behind other nations. Baru has expressed concerns over the drop in investments, while adding that this could further impact the performance of industry and business as well.
The Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry (FTAPCCI) on Monday organized a talk on ‘Current State of Economic Affairs by Dr Baru at Federation House here.
Dr Baru said: “Investors sentiment to invest in ‘Home India’ will change the fate of Indian Business. When Indians investing in India then world will follow. Manufacturing growth in India is in trouble. India’s manufacturing growth is 16 percent and China’s is 40 percent. Many developing nations’ manufacturing GDP is 20-25 percent.
It is better than India’s GDP. Decline in investment rate in India is another problem for Indian industry and business. India’s investment rate has declined from 35 percent to 29 percent. We appreciate Indian government’s decision on implementation of GST.” Chamber’s president Gowra Srinivas, Senior V-P Arun Luharuka and other industry representatives participated in the session.
Gowra Srinivas said: “2017 seems to be the most challenging year for the Indian economy in its 70 years of independence. Growth has slowed down in recent years and several challenges remain unsolved. The state of the economy is much in discussion these days.
The recent resurgent GDP growth rates had earned India the tag of fastest growing economy, But, it reversed in the past three quarters. Much of the criticism seems to be centered on the effects of demonetization, its apparent failure to curb black money, and the teething troubles of the GST.”
