India's cotton textile industry production index drops

by:JIYALI     2021-08-15
After the release of the Indian Industrial Production Index (IIP), the previous Confederation of Indian Industry (CII) concerns about the growth rate of the manufacturing industry became more prominent.   According to the published IIP data, the growth rate of the manufacturing industry dropped from 12.5% u200bu200bin the same period last year to 8.3%. Similarly, power growth fell from 7.2% last year to 6.4%, and the overall growth rate fell from 11.6% last year to 8.1%.   IIP data shows that overall industry growth has declined. Especially in March, the manufacturing growth rate was only 2.9%, a record low.  The growth rate of many industries has declined, including cotton textiles, other textile products, wool and wool products, furniture and fixtures, basic chemicals and chemical products, non-metal products, transportation equipment and accessories.   The growth rate performance last year was generally poor due to many reasons, such as high inflation, appreciation of the rupee, and high interest rates.   Due to fierce competition, well-known infrastructure bottlenecks, rising raw material prices, and rising wages, India has caused a serious impact on the manufacturing industry.  Due to high interest rates and the decline in consumer spending power, which affects industrial production, the manufacturing industry suffers a double blow.   The manufacturing industry has digested these factors and worked hard to lock the growth rate from April to March 2008 at 8.6%.   But many problems must be solved for the manufacturing industry to continue to grow. These urgent tasks include the need to build infrastructure, set up educational institutions, formulate policies for advanced manufacturing and engineering, eliminate electricity costs, and labor law bottlenecks. Lower interest rates will help the manufacturing industry reach its growth targets.  The Confederation of Indian Industry (CII) also proposed to develop a 10-point strategic agenda to help the manufacturing industry reach a new level of growth.   If the recommendations submitted to the Prime Minister can be implemented, productive capital may be greatly promoted. If the government can formulate a national manufacturing policy, it will help the manufacturing industry enter a period of long-term stable development.
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