Saturday 12 May 2012

Anand Sharma Expresses Concern Over Decline in IIP

Commerce, Industry and Textiles Minister, Shri Anand Sharma expressed “deep concern” over the decline in the Index of Industrial Production especially in capital goods and manufacturing. He has urged RBI for a differential rate of credit for manufacturing, given that there is a huge social dimension attached with the manufacturing sector since it supports millions of jobs. He has pressed for availability of credit at affordable rates for domestic industry and dollar credit for Indian exporters. 

He said that the “slow down in exports growth in April in the backdrop of the economic crisis in the Euro Zone is also a worrisome development”. He said “I will be undertaking a stock-taking exercise with all Export Promotion Councils on 17th May 2012 and a meeting of the Board of Trade will be convened on 1st June 2012. After the stock taking exercise is complete, the Government will intervene in sectors which require support”. The Foreign Trade Policy for this year will be announced in the first week of June. 

He also mentioned that a meeting of the Government-Industry Task Force will be convened on an emergent basis after which he will have a detailed discussion with Finance Minister and Prime Minister. 

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