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With slow growth rate, industry bats for strengthening MSMEs and introduce rate cut

Updated: Sep 25, 2017 05:18:21am
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With slow growth rate, industry bats for strengthening MSMEs and introduce rate cut

New Delhi, Sept 25 (KNN) In the aftermath of the slowed economic growth in the country, among the different steps vital to reboot the statistics, the industry is advocating for a special focus on the Micro, Small and Medium Enterprises (MSMEs) in the country to retain the growth numbers.

Industry body - Confederation of Indian Industries (CII) in a press statement listed a set of recommendations to be considered for the roadmap towards a stabilized and positive growth rate of the country’s GDP.

Over 100 basis point rate cut is one of the measures the association has recommended in order to revamp the growth rate.

Also the government must work towards providing cheaper credit to the MSMEs in order to bring out the required wings for the economic flight, CII emphasized.

Another important step should be an increased and focused spending in the rural areas that would aim towards large infrastructure ventures, leading to employment generation as well as fresh opportunities for different sectors of the industry.

The recommendations come as a response to the country’s slowed 3-year low GDP in the June quarter. GDP slowed to 5.7 per cent in the April-June period from 6.1 per cent in the preceding quarter, following which different stakeholders as well as government officials have raised concerns. (KNN/DA)

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