Manufacturing may not be out of woods yet, notes India Inc

With IIP growth easing to a four-month low, India Inc on Friday said manufacturing may not out be out of the woods even as it hoped for positive investment and infrastructure driven environment to boost growth. ‘The muted performance of the industrial sector...on the back of the negative growth of the manufacturing sector indicates that a full fledged industrial recovery could still be some distance away,’ CII Director General Chandrajit Banerjee said.

‘While we were hoping that slowdown in manufacturing had bottomed out, it appears from July numbers that manufacturing may not out be out of the woods. It is worrying that deceleration in July is somewhat broad based extending to consumer durables and capital goods,’ Ficci President Sidharth Birla said.