Industry chiefs to meet PM, devise means to beat crisis

The meeting assumes significance, specially after India’s industrial growth nosedived to 1.3 per cent in August from a high of 10.9 per cent in the corresponding period last year, mainly on account of poor performance by the manufacturing sector.

As per IIP data for August, manufacturing sector grew a mere 1.1 per cent, against 10.7 per cent in the same period a year ago. From April-August 2008-09 industrial production growth rate stood at 4.9 per cent, down from 10 per cent during the corresponding period last year.

The ongoing turmoil in global economy has had an impact on India’s industry and sectors like aviation and real estate have been seeking government intervention to overcome the problem. Jet Airways chief Naresh Goyal and DLF head K P Singh had met Chidambaram yesterday.