Manufacturing sector needs boost: ASSOCHAM
With service and agriculture sectors doing well, manufacturing sector needs to be given a push to sustain the robust economic expansion, industry chamber Assocham President Anil K Agarwal has said.
By PTI |
HYDERABAD: With service and agriculture sectors doing well, manufacturing sector needs to be given a push to sustain the robust economic expansion, industry chamber Assocham President Anil K Agarwal has said.
"The sectors which need emphasis include good processing, textiles and loching, leather goods, automobiles, mineral, steel, cement, chemical and allied products to sustain the growing GDP rate", he told reporters.
Though manufacturing sector registered nine per cent growth as against 3.7 per cent in agriculture, forestry and fishing this fiscal, it is far less than the peak of 14 per cent growth it achieved in 1996, he said.
Infrastructure development should be given top priority besides investments should be made in power sector in public and private sectors besides framing a comprehensive national energy policy for an integrated approach, he said.
ASSOCHAM also suggested that state should come up with growth friendly legislations with focus on small and medium units and development of clusters.
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"CST should be removed and GST needs to be introduced at the earliest", he said and on VAT only Tamil Nadu, Uttar Pradesh and Uttaranchal did not join rest of the country and hoped that they would soon join the system which would help industry grow in their respective states.ASSOCHAM team would meet Finance Minister P Chidambaram on July 5 with a presentation on the prospects of food processing industry in the south, he added.
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