Negative growth in 17 sectors: CII

New Delhi, Nov 11: Putting India's growth story under scanner, industry body Confederation of Indian Industry (CII) has said 17 sectors have recorded negative growth in the first half of the current fiscal and the sectors showing excellent or high growth has reduced compared to last quarter.

''It is a matter of grave concern that more than 50 per cent of the manufacturing sectors have recorded either moderate or negative growth,'' CII Industry Council Chairman Satish Kaura said while releasing the ASCON Survey conducted by the chamber.

Out of a total of 91 sectors reporting production 15 sectors reported excellent growth rate of more than 20 per cent and 22 sectors recorded high growth rate of 10-20 per cent. 37 sectors recorded a moderate growth rate of less than 10 per cent and 17 sectors recorded negative growth rate, the survet said.

These low growth rates are mainly due to high interest rates prevailing during the period, reduced credit availability and rupee appreciation. Another factor that has emerged over the last six months is the impact of the FTAs signed with some of the countries in the last two years, the survey added.

The automobile industry, including motorcycles, three wheelers, are amongst the sectors in the negative sales growth category.

The CII-ASCON survey further revealed that cement, energy meter, ball and roller bearing, polymer, utility vehicles, refrigerators, rubber footwear, bus and truck tyre etc have shown moderate growth, while fertiliser, machine tools, capacitors, motorcycles, edible oil etc are in the negative growth category.

UNI