Confederation Of Indian Industry Survey Finds Industrial Activity Sluggish In December Quarter

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10th March 2014 15:13 - Industrial

According to a survey of 110 sectors by industry group Confederation of Indian Industry (CII), industrial performance in India remained sluggish in the December quarter. The data reveals the October-November festival and holiday season failed to boost consumer sentiment, diminishing any hopes of reversal in the slowdown. People also bought fewer consumer durables and less alcohol and beverages.

Sectors showing negative or less than zero per cent growth increased from a fifth (21%) in December 2012 to almost three-tenths (28%) in 2013. The percentage of high growth (10-20%) sectors also shrunk to a tenth (11%) from a fifth (19%) the previous year.

The CII survey categorises the growth range in four categories – excellent (>20%), high (10-20%), low (0-10%) and negative (<0%).

Passenger cars, utility vehicles, vans, three-wheelers, mopeds, colour televisions, DVD players, bus and truck tyres were among the negative performers in the December quarter. However, on the positive side, the number of sectors showing excellent growth more than doubled to nine from four in the same quarter a year ago.

CII said in a statement:

"The global economic uncertainness continues to prevail and impact the growth of investments and exports in the country.  Rising inflation, stalled investments, subdued consumption, inverted duties and anomalies further add to the economic downturn. Respondents have stressed the need for reviving the investments, rationalising taxation structure and increasing infrastructure spending to kick-start the investment and growth in the economy."

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