FICCI wants 2 pc cut in interest rates

MUMBAI, FEBRUARY 2: The Federation of Indian Chambers of Commerce & Industry (FICCI) has made a strong plea for reduction in interest ...

MUMBAI, FEBRUARY 2: The Federation of Indian Chambers of Commerce & Industry (FICCI) has made a strong plea for reduction in interest rates, at least by two percentage points, so as to help bring core sector companies back on the rails.

The apex chamber has also suggested the setting up of a tripartite body – with representatives from the government, industry and financial institutions – to explore ways to revive the core sector. "We would also like the employees to be involved in this exercise of bridging the core and non-core sectors in terms of growth and prosperity. We are not a banana republic and core sectors are very important for our economic growth," Ficci secretary general Amit Mitra said.

The apex chamber has cautioned that the Union government should not lose sight of the core manufacturing industries in its zeal to further boost the growing information technology (it) sector. "We are not against the incentives that are provided to the IT sector. All we are saying that core sector industries like steel, cement and textiles are equally important and should not be ignored," Goenka said.

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On the recent government decisions on disinvestment and privatisation of public sector units, Ficci has said the steps were in the right direction and should gain momentum in the coming months.

Ficci has also lauded the handling of the strike at the Uttar Pradesh State Electricity Board in connection with the trifurcation of the utility into separate entities for generation, transmission and distribution. "There is an urgent need for consolidating the success by restructuring SEBs in all states by corporatisation and subsequently privatisation of these entities which would pave theway elimination of transmission and distribution losses," the apex chamber has said.

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