Press Esc to close
Tuesday 25 November 2014
News updated at 3:23 AM IST
Weather
Max: 0°C
Min : 0°C
In Bengaluru
Sunny day

Manufacturing sector holds key to 6% GDP growth

Chennai, Feb 3, 2013, PTI:

Next fiscal to be better, says Rangarajan

The economy is likely to grow by close to 6 per cent this financial year on manufacturing picking up in January-March quarter as a result of recent government decisions, PMEAC Chairman C Rangarajan said on Saturday and expressed confidence better in the next fiscal.

“We really need to see that manufacturing sector needs to pick up and I believe that actions and decisions taken by the government recently have started showing a change in investment sentiment. Therefore, in the (current) three months -- January, February and March-- I believe manufacturing will pick up and we will get a growth rate close to 6 per cent this year," he said.

Rangarajan, who has also served as governor of the Reserve Bank of India, said: “I expect 2013-14 to be better than 2012-13 for several reasons, plus the change in investment sentiment. The full impact (of recent government decisions) will only be seen in the course of next year which can result in private investment activities picking up.”  He was speaking at the Chamber Day celebrations of Hindustan Chamber of Commerce.


The index of industrial production (IIP) data recently revealed that manufacturing sector grew a paltry 0.3 per cent in November 2012. The output  remained low at 1 per cent in April-November last year as against 4.2 per cent growth in the same period last fiscal.

Rangarajan's forecast on growth follows the RBI trimming its projection for 2012-13  to 5.5 per cent in its January 29 monetary policy review. 

On the current account deficit (CAD), the chief of the Prime Minister's Economic Advisory Council (PMEAC) said that CAD should remain almost unchanged. 

Go to Top

Photo Gallery
Bengaluru pride march for freedom, equality, justice

Bengaluru pride march for freedom, equality, justice

Asia Cup Championship for Deaf 2014

Asia Cup Championship for Deaf 2014

Kashmiri Pandit's protest against Jammu Police

Kashmiri Pandit's protest against Jammu Police

Bridal Fashion show of Trousseau week by Mirrors and Within, Latha Puttanna (Shristhi), Apranje

Bridal Fashion show of Trousseau week by Mirrors and Within, Latha Puttanna (Shristhi), Apranje

Winter Session of Parliament

Winter Session of Parliament

Mercedes F1 driver Lewis Hamilton of Britain celebrates after winning the Abu Dhabi F1 Grand Prix

Mercedes F1 driver Lewis Hamilton of Britain celebrates after winning the Abu Dhabi F1 Grand Prix

Winners of Delhi Half Marathon 2014

Winners of Delhi Half Marathon 2014

Elderly women take part in Tug-of War during annual month long sports competition...

Elderly women take part in Tug-of War during annual month long sports competition...

A tigress in a playfull mood at the Maharajbag Zoo in Nagpur, Maharashtra...

A tigress in a playfull mood at the Maharajbag Zoo in Nagpur, Maharashtra...

Indian Air Force (IAF) Sukhoi Su-30 fighter aircrafts make a formation in the shape...

Indian Air Force (IAF) Sukhoi Su-30 fighter aircrafts make a formation in the shape...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523