ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Shine Off Industrial Growth

Shine Off Industrial Growth WHEN the general index of industrial production had shown a sudden rise in the early months of 1994-95, there was much enthusiasm in official circles. The government's Economic Survey 1994-95 had claimed that trends in industrial production already suggested "with certainty" that growth rates would remain high and would even go up further Thus the Survey confidently expected industrial growth in 1994-95 to exceed 8 per cent. Subsequently, when the average index for a brief period registered an annual growth rate of 8.7 per cent, the exuberance of government and industry spokespersons knew no bounds: industrial growth in 1994-95, it was now claimed, could be 10 per cent and it could go beyond 12 per cent in 1995-96 and thereafter. There have been confident statements to these effects from the central finance and revenue secretaries, from the chairman of ICICI and from the major industry associations, namely, ASSOCHAM, CII and FICCI. The industry associations have now scaled down their growth projections to about 10 per cent in 1995-96, but the revenue secretary persists with his claim that industrial growth in 1995-96 would not be less than 12 per cent "at the minimum" and in fact he recently exhorted industry to aim at a growth rate of 15 per cent this year.

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