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Declining FDI, industrial output; commerce minister to meet industry chambers

12 Jul 2011 Evaluate

Worried over the decline in foreign direct investment and moderating industrial output, Commerce and Industry Minister Anand Sharma has called a meeting with industry chambers on July 13 and the day after to review the hurdles faced by industry. Anand Sharma, who was given the additional responsibility of the textiles portfolio in the Cabinet reshuffle, will meet leaders from FICCI on July 13 and the CII on July 14 respectively.

During these meetings, Anand Sharma is expected to discuss matters related to foreign direct investment inflows, manufacturing and other industry related concerns. FDI inflow has been reducing from last two financial years, during 2010-11 it reduced by 25% to 19.42 billion to 25.83 billion and in 2009-10 it reduced by 5% to 25.83 billion from 27.33 in 2008-09.  India was the only major country in South Asia which registered a fall in FDI inflows during 2010. IIP in April-May this year averaged 5.7%, compared to 10.8% in the same month of previous year.

The manufacturing sector, which accounts for over 75% of the total weight of the Index of Industrial Production (IIP), grew by just 5.6% in May, 2011, as against 8.9% in the same month of 2010, mainly on account of the poor performance of the manufacturing sector. Factory output in April, as measured by the IIP, has also been revised downward to 5.7% from the earlier estimate of 6.3%, as per the new series with a base year of 2004-05. Industrial growth in April-May this year averaged 5.7%, compared to 10.8% in the same period last year.

The core eight infrastructure industries also saw slowdown in growth for the May, it stood at 5.3% from 7.3% same month of last year. The increasing interest rates, high global commodity prices and high inflation have started to show its negative effects on industrial growth. The sales of passengers’ cars in month of June reduced to 1.62%, which is slowest in last 27 months. Reserve Bank of India has increased its policy rates by 2.5% or 250 basis points in the last 16 months to curb the inflation.

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