New Delhi, Dec 12(ANI): The Confederation of Indian Industry (CII) has called on the government to undertake measures to improve business sentiment in the wake of 5.1 percent decline in India's Index of Industrial Production (IIP) in October.
Index of Industrial Production (IIP) details out the growth of various sectors in an economy like mining, electricity and manufacturing. It is calculated by deciding a particular year as the basis of deriving index figures.
Though the earlier CII surveys had predicted declining business sentiment and sluggish growth, the figures came as a shock to the organization.
The massive decline in capital goods has aroused major concerns since it indicates rapidly falling investment, which can adversely affect growth and employment in India.
The decline in mining indicating problems created due to shutdown of such industries has also grabbed the spotlight.
CII said launching bankable projects in infrastructure, identifying and monitoring the top investment projects, gradually reducing the interest rates and improving the fiscal scenario would go a long way in creating a favourable investment scenario in the country. (ANI)
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