The FICCI has said the pickup in monsoons in June augurs well for agri-production in the coming months.
In a statement released today, it said, “The wholesale price index based inflation rate remained unchanged at (-) 2.4 percent in June 2015. The pickup in monsoons in June augurs well for agri-production in the coming months. Inflation is expected to remain range bound and within Reserve Bank of India’s indicative trajectory this fiscal year,” said Dr. Jyotsna Suri, President, FICCI.
“IIP numbers, however, remain volatile and there is a critical need to firm up industrial growth. The demand situation in the economy is still weak and industries across sectors are operating at sub-optimal capacity. We hope that the Reserve Bank would maintain its accommodative stance in the third bi-monthly statement for 2015-16 to be announced next month. In fact, industry would like to see a deeper cut in the policy rate and its equivalent transmission by the banks in the form of lower lending rates”, added Dr. Suri.