Economic growth may rebound from next fiscal: CII

July 14, 2013 11:13

Economic growth may rebound from the next fiscal if government expedites its reform process, a survey by industry body CII has said.

Pulled down by poor performance of farm, manufacturing and mining sectors, economic growth slowed to 4.8 per cent in the January-March quarter and fell to a decade's low of 5 per cent for the entire 2012-13 fiscal.

"...the turnaround in growth may take place only from next fiscal, unless the reforms process are expedited and more aggressive set of measures are put in place to trigger the growth process," it said.

It said that in the prevailing circumstances, the GDP growth for the current fiscal may cross 5.5 per cent mark.

RBI intervention by way of cut in repo (short-term lending) and CRR (the portion of funds banks need to keep with the central bank) rates are among the top most policy actions the participants of the survey are expecting from the government.

"Liberalising FDI regulations and stronger intervention by RBI are the most critical policy measures," it said, adding, there is an urgent need to clear all the pending projects to boost domestic investments.

« Back to LIVE

TOP STORIES

Champions of investor trust: 10 stocks with institutional seal of approval

'15 seconds, and Owaisis wouldn't know...': BJP's Rana

Rana's blistering attack came in response to AIMIM MLA Akbaruddin Owaisi's controversial speech in 2013 that it would take them only '15 minutes' to balance the 'Hindu- Muslim ratio' in the country if the police were removed.

Haryana crisis: Oppn approaches guv, steps up efforts to topple BJP govt

'It is evident that the BJP govt in Haryana no longer commands a majority,' former Deputy Chief Minister and JJP leader Dushyant Chautala said in his letter to the governor on Wednesday.

Air India Express cabin crew call off strike; no sacking of staffers

Both parties will discuss the issues and there will be a meeting again on May 28, he said.

Pune court likely to pronounce verdict in Dabholkar murder case today

Additional sessions judge A A Jadhav of the special court for cases under the Unlawful Activities (Prevention) Act is likely to pronounce the judgement on Friday, said special public prosecutor Prakash Suryawanshi.