Decline in IIP: Min to meet trade bodies

Worried over decline in exports and industrial output, Commerce and Industry Minister Anand Sharma will hold consultations next week with industry chambers Ficci, CII and apex trade body Federation of Indian Export Organisations.

"The minister will hold stakeholder consultations next week in the light of recent IIP figures and the evolving industrial situation," an official statement said.

In the first meeting, Sharma would meet Federation of Indian Chambers of Commerce and Industry, Confederation of Indian Industry and Federation of Indian Export Organisations, it added.

Worsening economic situation has pulled down the index of industrial production by 1.8 per cent in June, the third fall in four months.

Sharma, who has been regularly reviewing the situation with senior officials, has expressed concern over the drop in industrial performance in the recent months, the statement said.

Besides, the minister has convened a meeting of the joint task force to review the situation and suggest remedial measures, it said.

The task force, which is the established mechanism for obtaining inputs from the captains of the industry in the policy-making process, was formed in July last year.

It includes industry leaders and government officials.

On Thursday, the Commerce and Industry Minister met Finance Minister P Chidambaram and discussed issues related to the country's exports, imports, trade deficit and IIP.

Hit by slowdown in the western markets, India's export growth declined 5.45 per cent to $25 billion in June for the second month in a row.

Image: Anand Sharma