The Hindu Business Line : Concern over recession

In a statement issued here, the President of BCC, Mr H.M. Bangur, said that a lower GDP growth of 5.4 per cent, higher fiscal deficit of 5.1 per cent, lower rate of growth of major infrastructure industries and a dampened stock market scenario, among others, were "discouraging and indicative of recession.''

According to him, the recessionary trend would dampen business confidence and hinder foreign direct investment. However, the prescriptions of the survey as regards carrying forward the economic reforms process - such as modernisation of tax administration, increased investment in farm sector and steps to provide a fillip to the stock market were moves in the right direction, the statement added.

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