ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Moonshine on Industrial Growth

BOTH government and industry are looking at the current slow-down in industrial growth in a short-term, narrow perspective. Despite clear warning signals, the government has on the whole refused to accept that there is any serious problem with industry. The Reserve Bank's Annual Report for 1995-96 was still harping on the industrial resurgence in recent years, despite certain infrastructural constraints. The government's Economic Survey for 1996-97 sought to allay fears of a recession in industry, arguing that the slow-down was essentially confined to the basic goods sector and was attributable in particular to a sharp decline in the growth of electricity generation and a fall in crude oil production. All other sub-sectors, namely, capital goods, intermediate goods and consumer goods, were doing well and 1996-97, according to the Survey, would end with an overall industrial growth of around 10 per cent and with growth of the manufacturing sector only somewhat below the record 13 per cent achieved

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