With Indian industrial production in November 2014 growing at the fastest pace in 5 months, Indian Inc has stated that turnaround needs to be made consistent for a longer period and reiterated its call for a interests rate cut as December CPI inflation recorded below the RBI's 6 percent target. Industrial production for the month of November hit a five month high of 3.8%, higher than street’s expected figure of over 2%. CPI inflation recorded at 5% in December below street expected figure of 5.20%.
CII Secretary General Chandrajit Banerjee has asserted that going forward, the incipient signs of revival would transform into a firm recovery especially as there is some progress in investment intentions and business confidence. Highlighting the need of more measures to boost manufacturing, he stated that the government should put in place critical entrepreneur friendly reforms which would enhance investments in the economy. Tax regime should be made transparent, predictable and the pace of reviving stalled projects should be stepped up, possibly with the support of states.
Assocham President Rana Kapoor has stated that turnaround in industrial production during November needs to be made consistent for a longer period with a secular growth in manufacturing. Furthermore, the efforts from the government and the RBI have to continue to unclog several sectors from environmental and other regulatory issues. FICCI President Jyotsna Suri stated that improving factory output is a good sign for economic recovery adding that recent measures taken by the government have improved the business confidence in the economy.