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38. COMMERCE MINISTER TO MEET INDIA INC NEXT WEEK, DISCUSS
WAYS TO SPUR GROWTH
The lower-than-expected GDP growth followed Industrial growth, as measured by the Index of
large-scale destocking undertaken by manu- Industrial Production (IIP), has grown by a meagre
facturers ahead of the goods and services tax roll- 1.2 per cent in July, compared to 4.5 per cent
out and the lingering impact of demonetisation. growth in the same period a year ago. During
April-July, IIP grew by 1.7 per cent, down from 6.5
On Wednesday, Prabhu had said that he is closely per cent in the same period last year.
working with the finance ministry and Niti Aayog
for resolving exporters’ issues to boost shipments A slowdown in overall economy was also
and generate jobs. (File) reflected in the GDP growth of the first quarter of
this financial year. gross domestic product (GDP)
Commerce and Industry Minister Suresh Prabhu growth fell to 5.7 per cent in April-June — the
will hold a meeting with industry bodies on lowest in at least five quarters.
September 26 to discuss issues pertaining to
industrial growth and the interventions required The lower-than-expected GDP growth
to resolve them, a government official said. followed large-scale destocking undertaken
by manufacturers ahead of the goods and
Chief Economic Adviser Arvind Subramanian, services tax rollout and the lingering impact of
financial advisers of all major government demonetisation. The GDP had recorded a growth
departments, officials of Department of of 7.9 per cent in April-June quarter last year.
Pharmaceuticals, Department of Textiles, Ministry
of Micro, Small & Medium Enterprises and The manufacturing sector has been the worst hit,
representatives of FICCI, CII and ASSOCHAM will with a GVA growth rate of 1.2 per cent in April-
be part of the meeting, the official added. June as compared to a growth of 10.7 per cent in
the same quarter last year.
“The minister wants to reach out to the industry
to know their concerns. Addressing the issues Over the last week, the government has been
in a time-bound manner would be beneficial for discussing strategies to support economic growth.
promoting industrial growth, which has been Prabhu has also been part of deliberations held by
witnessing a slowdown,” the official said. finance minister Arun Jaitley along with railway
minister Piyush Goyal and NITI Aayog Vice
Chairman Rajiv Kumar to discuss the economic
situation.
On Wednesday, Prabhu had said that he is closely
working with the finance ministry and Niti Aayog
for resolving exporters’ issues to boost shipments
and generate jobs. Prabhu said that ensuring
growth of exports is the priority of the commerce
ministry.
(Source:- http://indianexpress.com/article/business/
commerce-minister-to-meet-india-inc-next-week-discuss-
ways-to-spur-growth-4856848/ dated 23rd September-2017)
57 August-September-2017
