The Confederation of Indian Industry (CII) has expressed disappointment over the lack of government initiative on sector-specific packages promised by finance minister Yashwant Sinha to rejuvenate industry.
"The government has done a number of things. However, the specific packages promised for the revival of the steel, paper, cement, capital goods and commercial vehicles sectors have not materialised. We have written to the finance minister expressing our concern over this," CII director-general Tarun Das told Business Standard.
The finance minister had assured industry of sector-specific packages during discussions with industry representatives.
He pointed out that even the purchase of 10,000 commercial vehicles promised by the government had not yet started.
According to Das, the growth outlook was not good. It was important to take stock of the situation as the current financial year was reaching the half-way mark, he said. A clearer picture will emerge when CII releases data of industrial activity for the first half of the current financial year on October 9.
Sector-specific packages to boost industrial activity are considered essential since the circumstances differ across sectors and a homogenous package cannot work for all of them.
The consumer electronics industry, especially colour televisions, has recorded impressive growth in recent months, particularly in the run-up to the soccer World Cup in France. The two-wheeler industry, too, has been doing well and so has the refrigeration and air-conditioning industry.
However, an overwhelming section of industry, including capital goods, commercial vehicles, cars, multi-utility vehicles, steel, cement and paper, have been recording low or negative growth.
