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Europe a big hump: new PHD chief

business Updated: Jan 25, 2012 20:43 IST

The newly-appointed president of the 106-year-old PHD Chamber of Commerce and Industry (PHDCCI), Sandip Somany, is concerned about the recession in Europe and slow growth in India.

“This year can turn ugly if the European crisis further deteriorates,” said Somany, who is also joint managing director of Hindustan Sanitaryware and Industries Ltd. “India is a well integrated economy and very much a part of world. And, euro (zone) is behaving worrisome.”

Somany, who succeeds Salil Bhandari also said that the industry is on difficult footing but could have been better if series of proactive measures were introduced at the right time. “Rupee, manufacturing index and projections were sinking,” he said. “I wish Reserve Bank of India had intervened a month before to save businesses and such crisis.”

Somany also suggested the panic caused by swelling fiscal deficit should be controlled. “We are faring well in debt to GDP ratio in comparison to the other nations.”

Fiscal deficit is expected to reach between 5.0% and 5.5% of GDP against budget projections of 4.6%. Chamber’s agenda for 2012 is to highlight the grey areas including the shortage of skilled labour and infrastructure financing.