Industrial output dips, need for package

The industrial production shrank for the first time in 15 years by 0.4 per cent in October as impact of global financial crisis deepened in the country. It had soared by 12.2 per cent in the same month a year ago, according to media reports. Probably the biggest impact of the global financial crisis on the Indian economy.

The reduction in the industrial production is a big concern for the economy. The government need to give much more attention over the industrial sectors. It is the global financial crisis which hurt most all sectors in India.

The bailout package by the government of India however may a big relief but there should be package to check the decrease in the industrial output. Industry body Confederation of Indian Industry (CII) said there is need for more measures from the Reserve Bank of India and termed the industrial slowdown as a serious concern for the economy.