FM disappointed over April's IIP data; expressed need to take measures
Expressing disappointment over today's released IIP (Index of Industrial Production) data that showed meager output growth of 0.1% in April, Finance Minister Pranab Mukherjee Tuesday said that the government was committed to kickstarting the economy and boosting investor sentiment.
"I am disappointed ... we shall have to take some steps which signals positivism. Some of the steps have already been taken," Mukherjee said while addressing a meeting of public sector banks.
According to IIP data released by the Central Statistical Organisation, India's industrial output grew by a meager 0.1 percent in April due to continuous falling in manufacturing and mining sectors.
The industrial production fell by 3.5% in March while the average industrial output growth for 2011-12 fell to 2.8 percent as against previous year's 8.2 percent.
Factory output, measured in terms of the Index of Industrial Production (IIP), had registered a growth of 4.1 percent in February year-on-year.
This figure dampens the hope of early revival of economic growth, experts believe.
Mukherjee said that the government has taken steps to encourage investment in long-term infrastructure through debt funds and relaxation of external commercial borrowing norms.
He added that while fiscal management was of high priority, regular tariff revisions would also be given attention.
--With IANS Inputs--
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