MTECHTIPS

MTECHTIPS:-India industrial growth to be less than 2% in FY 2013: Assocham

Growth prospects for India's industrial production look quite weak and the output may show less than two per cent expansion in the current financial year, an ASSOCHAM (The Associated Chambers of Commerce and Industry of India ) study has indicated.The not-so-bright outlook for the industrial growth has been projected despite the fact that there are visible signs of improvement in the business confidence in the last two months due to several bold policy initiatives by the government.However, as the chamber said in its previous study, there would be a lag between the improvement in the business confidence and the conversion into the growth pick-up."In any case, it is not only the business confidence but also the consumer confidence all through the world, which is at low ebb and that is a real area of concern," said ASSOCHAM president Rajkumar N Dhoot.The manufacturing, the main stay of the overall Index of Industrial Production (IIP) remains in a quite a bad shape and so are the other critical sectors such as capital goods, durables and non-durables.