Dear Esteemed Members of the Media,
Kindly find appended below the press release on the Statement of Mr Chandrajit Banerjee, Director General, CII on Revival of Inflation. His photo has been placed as an attachment for your ready reference. May I request you to kindly carry the same in your esteemed Media With warm regards, Geetika Geetika Goyal State Head-Goa Confederation of Indian Industry 502, Unitech City Center, M. G. Road, Panaji, Goa 403 001 Tel: 0832 - 2422790 / 2422796 / 8806133455 E-mail: <mailto:[email protected]> [email protected] Statement of Mr Chandrajit Banerjee, Director General, CII Demand in the economy is weak, as is evident from all indicators of growth. The Rupee has also strengthened, which has prompted the government to start reducing retail prices of petrol. Therefore, this rise in WPI inflation has to be attributed to supply side constraints in the agricultural side. Food inflation is on account of a rise in price of potato, fruits and vegetables, onions and milk and eggs. The revival of inflation, especially of food prices, calls for supply side initiatives to raise agriculture productivity, including augmenting investment in agri infrastructure and improving supply side management, delisting perishables from APMC, encouraging FDI in retail which would boost agriculture production, etc. While CII has been raising these points for some time, we are yet to see significant actions on this front. Knowing how deep the impact of inflation goes in slowing down the economy, CII would urge that policy actions are swift and decisive on this front. It would be unfortunate if the RBI decides to address supply side created inflation through demand constriction by using interest rate as a tool. Panaji 15th April 2014 ---------------------------------------------------------------------------- -------------------------- Disclaimer This message, including any files transmitted with it, is for the sole use of the intended recipient and may contain information that is confidential, legally privileged or exempt from disclosure under applicable law. If you are not the intended recipient, please note that any unauthorized use, review, storage, disclosure or distribution of this message and/or its contents in any form is strictly prohibited. If it appears that you are not the intended recipient or this message has been forwarded to you without appropriate authority, please immediately delete this message permanently from your records and notify the sender. CII makes no warranties as to the accuracy or completeness of the information in this message and accepts no liability for any damages, including without limitation, direct, indirect, incidental, consequential or punitive damages, arising out of or due to use of the information given in this message. -- ------------------------------------------------------------------------------------------------------ Disclaimer This message, including any files transmitted with it, is for the sole use of the intended recipient and may contain information that is confidential, legally privileged or exempt from disclosure under applicable law. If you are not the intended recipient, please note that any unauthorized use, review, storage, disclosure or distribution of this message and/or its contents in any form is strictly prohibited. If it appears that you are not the intended recipient or this message has been forwarded to you without appropriate authority, please immediately delete this message permanently from your records and notify the sender. CII makes no warranties as to the accuracy or completeness of the information in this message and accepts no liability for any damages, including without limitation, direct, indirect, incidental, consequential or punitive damages, arising out of or due to use of the information given in this message.
