More sectors show negative growth in Q3: CII-ASCON survey
Updated: Mar 03, 2014 03:52:10pm
New Delhi, Mar 3 (KNN) As an indication of the ongoing slowdown in industrial performance, several sectors such as textile machinery, motors, machine tools and telecom equipment have shown negative growth in the third quarter of the current financial year according to a survey.
The CII ASCON Survey is based on the quarterly growth results of various industry sectors.
According to the survey conducted by Confederation of Indian Industry (CII) and ASCON, as many as 31 out of 110 sectors showed negative growth compared to 21 out of 101 in 2012.
It also showed a reduction the number of sectors that showed low growth. As many as 58 out of 110 showed low growth compared to 57 out of 101 in the same quarter of the previous year.
Registering low or negative growth were sectors such as earth moving and construction equipment, machine tools, telecom equipment, industrial gases, distribution transformers, textile machinery, motors, relay control panels, power transformers and pumps, according to reports.
The same trend is seen in the core sectors of steel, cement, petroleum and crude oil which have also recorded low growth.
The disturbing trend has set alarm bells ringing among industry groups who have stressed the need to revive investments and called for rationalisation of tax structure and increased infrastructure spending to revive the economy.
The percentage of sectors reporting excellent and high growth in the current quarter is at 19 per cent, as compared to 16.8 per cent in the same quarter the previous year.
But at the same time, high growth sectors have shrunk to 10.90 per cent in Oct-Dec 2013 from 18.8 per cent during the same time last year.
Sectors that showed high growth in the quarter are high- tech electronics items such as LED/LCDs and computer tablets along with scooters and tractors. (KNN Bureau)
The CII ASCON Survey is based on the quarterly growth results of various industry sectors.
According to the survey conducted by Confederation of Indian Industry (CII) and ASCON, as many as 31 out of 110 sectors showed negative growth compared to 21 out of 101 in 2012.
It also showed a reduction the number of sectors that showed low growth. As many as 58 out of 110 showed low growth compared to 57 out of 101 in the same quarter of the previous year.
Registering low or negative growth were sectors such as earth moving and construction equipment, machine tools, telecom equipment, industrial gases, distribution transformers, textile machinery, motors, relay control panels, power transformers and pumps, according to reports.
The same trend is seen in the core sectors of steel, cement, petroleum and crude oil which have also recorded low growth.
The disturbing trend has set alarm bells ringing among industry groups who have stressed the need to revive investments and called for rationalisation of tax structure and increased infrastructure spending to revive the economy.
The percentage of sectors reporting excellent and high growth in the current quarter is at 19 per cent, as compared to 16.8 per cent in the same quarter the previous year.
But at the same time, high growth sectors have shrunk to 10.90 per cent in Oct-Dec 2013 from 18.8 per cent during the same time last year.
Sectors that showed high growth in the quarter are high- tech electronics items such as LED/LCDs and computer tablets along with scooters and tractors. (KNN Bureau)
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