Commenting on the Index of Industrial Production (IIP) figures released for May 2014-25, Chandrajit Banerjee, Director General of Confederation of Indian Industry (CII) said here on Friday that the rise in industrial production for the second month in a row provides a glimmer of hope that the economy could be bottoming out and recovery could be on the anvil.
He also said that no doubt, the favourable base effect of last year and the double digit export growth experienced during the month could have also contributed in boosting industrial activity during the month, but the overall trend is positive.
CII anticipates a further rebound in industrial production as the reform-oriented and forward looking Budget would boost business confidence, leading to the turnaround of the investment cycle.
CII hopes that the government would implement and follow up on the policy announcements made in the Budget and in addition look at policies outside the Budget to sustain the 'feel good' factor in the economy.
