New Delhi, Feb.8 : The Prime Minister's panel on manufacturing sector has reportedly suggested the need for introducing fiscal measures in the Budget to reverse deceleration in growth in several sectors, including textile and leather.
The high-level committee, headed by Chairman of the National Manufacturing Competitiveness Council (NMCC) V Krishnamurthy, has submitted its report to the Prime Minister's Office. Prime Minister Manmohan Singh had constituted the committee to address exisitng weaknesses in the manufacturing sector. The committee was tasked with the responsibility of recommending both short and long term measures to ensure the growth of the sector in the next 10 to 15 years.
Growth in the industrial production plunged to 5.3 per cent in November this fiscal from 15.8 per cent in the comparable period of 2006-07 following a sharp decline in the manufacturing sector. The six core infrastructure industries also declined to 5.3 per cent in November 2007 from 9.6 per cent a year ago. The manufacturing sector has over 80 per cent weightage in the overall industrial production.