MUMBAI, 31 August 2017: Commenting on GDP data announced Mr. Pankaj Patel, President, FICCI said that the uncertainty surrounding implementation of Goods and Services Tax did impact industrial production in the first quarter.
Mr. Patel said that the persistent slack in private domestic investments remains a concern. The cost of finance for industry remains high. Though the Reserve Bank of India had cut the repo rate by 25 bps in the monetary policy announced earlier this month, a steeper cut at this juncture would have given a stronger signal. A turnaround in domestic private investments is critical to push growth and employment generation in the economy.