India's economy continues to worsen

July 29, 2013 17:27
India's economy continues to worsen

Economic Growth in India is at its lowest in 10 years. At a meager 5% growth rate, the economy is continuing to worsen even as the Rupee remains weak against the dollar. Top corporate leaders in India have been called to discuss the situation with Prime Minister Manmohan Singh.

The trade and industry meeting with the PM will see business persons identify and analyze the depressing outlook. The Prime Minister's Council will include petrochemical major Reliance Industries head Mukesh Ambani and telecom gaint Bharti Airtel's Sunil Mittal.

Associated Chambers of Commerce and Industry (ASSOCHAM) have recently concluded a survey, which revealed that nearly 51% of business leaders feel India's economic situation worsened in the past 6 months, reported Hindustan Times. Moreover, another survey has found that half of the companies have no plans to invest in the country's manufacturing sector in the next year.

Weak demands for import and export, high cost of credit, poor infrastructure, rising raw material prices and increase in wage costs were found to have contributed to the distress.

(AW: Sruthi)

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