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Bangalore Chamber Of Industry And Commerce (BCIC) Expresses Serious Concern Over Continuing Sluggishness In Indian Economy Says Hurting Industry Very Badly

Bangalore Chamber of Industry and Commerce (BCIC) today expressed serious concern over the continuing sluggishness in Indian economy which is currently facing severe slowdown in multiply cross section of industry verticals.

Bangalore Chamber of Industry and Commerce (BCIC) which organised its second series on Indian economy titled “Is the Economy Sleepwalking into a Recession?” in Bangalore with industry captains today, expressed its concern on the downward spiralling economy which is hurting almost all core sectors of the industry.

Mr. Devesh Agarwal, President, BCIC addressing industry leaders based out of Bangalore said: “Right now the consumer sentiment is low. The NPAs created by the PSBs and PSUs are pulling the economy down. The Government’s Five-year plans have never materialised. All these need to be addressed holistically. And if we are able to get a few strategic reforms on fast-track, getting the economy back to its growth path is a few quarters away.”

During the deliberations, a cross-section of industry leaders felt that there is a severe liquidity crunch which is forcing industries to put-off investment decisions. This is resulting in industries announcing layoffs, productivity shutdown, wage cuts, and handing over pink slips.

Speakers felt that the Government on priority should announce Monetary and Fiscal stimulus packages to all industries so that the gains reaped during the Mid-2016 up to mid-2018 does not go waste and the economy gets revived. They also felt that since BJP is in power in both the State and as well at the Centre, faster economic recovery can happen in Karnataka, especially in the manufacturing sector, by giving the requisite boost to the “Make in India” initiative.

Mr. L Krishnan, Managing Director, TaeguTec India Pvt Ltd addressing thought leaders said: “This slowdown we are currently facing is part of the cyclic effect. Starting mid-2016 to Mid-2018 we had a growth rate of nearly 35 percent in the machine tool industry. The slowdown began thereafter. If we are able to fix a few strategic reforms and get integrated well into the global economy, we can bounce back the economy.”

Over 50 industry leaders including  Mr. T R Parasuraman, Senior Vice President, BCIC, Dr. Mukesh Agarwal, MD, 3D Product Development, Mr. N Lakshminarayana, General Manager, Canara Bank, Mr. Giridhar Rajagopal, Group Editor, 9.9 Media Group, Dr. L Ravindran, Management Committee Member, BCIC, Mr. Ravi, Co-Chairman, Start-Up Expert Committee, BCIC and others representing different industries participated in the interactive session.