Industry has posted a negative growth rate of (-) 1.8% in the month of October 2013 of which manufacturing sector has posted a negative growth rate of (-) 2%.
On the other hand, increase in CPI inflation month after month is also a major worry for industry as wage rates are already in the higher trajectory and with an increase in CPI inflation; labour may demand a rise in wage rates. An increase in wage rates spiral may again hit industry growth, going forward, said Mr. Khaitan
The CPI inflation stands at 11.24% in month of November 2013.
The industry chamber has urged the government to focus on economic reforms immediately and save the industry from decelerating growth trajectory and help industry to recover faster and enter sustainable and promising growth trajectory, said Mr. Suman Jyoti Khaitan, President, PHD Chamber of Commerce & Industry.
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