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Slowdown worsening: CII

business Updated: Feb 25, 2013 22:53 IST
HT Correspondent

Indicating that the slowdown in the economy is worsening in the last quarter of the current fiscal and hopes of a turnaround are ebbing, the latest CII ASCON (Associations Council) survey revealed that the number of sectors reporting low growth during the January-March 2013 quarter has increased significantly over the year-ago period.

"The continued slowdown in industrial performance during the past several quarters is a cause for great concern and calls for steps to stimulate the economy," said Chandrajit Banerjee, director general, CII.

The survey, which tracks the growth of industrial sector quarterly, basis feedback from sectoral industry associations, showed that while the proportion of sectors reporting 'negative' growth is relatively unchanged at 18.3% from 17.9% a year ago, the number of sectors reporting 'low' growth has increased to 65.2% in the current quarter from 52.2% in the year-ago period.