RBI must effect steep cut in interest rate, or CRR: Assocham
However, the surprise jump in the industrial growth for October has come about - on a very low base, it said.
"To say that 8.2 per cent expansion in October 2012 is a great turnaround will be in self-deception. The fact that the industrial production in October this year is only a shade better than what it was in 2010. We are somewhere around 2010," Dhoot said.
The industrial growth was (-)5 per cent during the same period a year ago.
Meanwhile, the government today lowered the economic growth projection for the current financial year, 2012-13, to 5.7-5.9 per cent, from 7.6 per cent estimated earlier. However, in the Mid-Year Economic Analysis 2012-13 tabled in Parliament, it has pitched for supportive monetary and fiscal policies to improve investor confidence.
The government said India would have to record a growth rate of 6 per cent in second half of this fiscal to reach the desired growth rate. It grew by 5.4 per cent in the first half.
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