Factory output growth slows to 2% in June: TOI, Mumbai Edition.
Dear all,
Your association SIMA is forwarding herewith articles published by the Times of India e-paper, Mumbai Edition dated 10.08.2019.
1. Factory output growth slows to 2% in June: TOI
(4-Mth Low, Triggers Calls for Policy Reforms)
As per the article the country’s industrial output growth slowed to a four-month low in June, dragged down by sluggish manufacturing and mining, and contraction in capital goods and consumer durables segments, triggering calls for policy reforms from the government to reverse the slowdown.
Data released by the Central Statistics Office (CSO) on Friday showed industrial output growth rose an annual 2% in June compared to 3.1% in previous month and 7% in the same month a year earlier. The growth during the first three months of the fiscal year was 3.6%, slower than 5.1% recorded in the same period of the previous financial year.
The Growth during the first three months of the fiscal year was 3.6%, slower than 5.1% recorded in the same period of the previous financial year. The indication of sluggish industrial output growth numbers was evident in the core sector growth data, which showed it had slowed to a four-year low of 0.2% in June. The core sector accounts for 40.2% of the index of industrial production (IIP)..…… TO READ THE FULL ARTICLE PLEASE CLICK HERE.
2. FM to review jail term clause for noncompliance of CSR
(Assures Industry of More Simplification Of Taxation)
As per the article the Finance minister Nirmala Sitharaman on Friday assured India Inc that she would review the criminal penal provision for not complying with corporate social responsibility (CSR) mandates and also promised more simplification of the taxation system to end harassment.
Her assurance to industry comes against the backdrop of sharp criticism of the provision of a jail term of up to three years and stringent fines ranging from Rs.50, 000 to Rs.25 lakh for executives of companies violating CSR provisions, which were added in the amended Companies Act 2013. This clause has jolted industry and triggered calls for a rollback....……TO READ THE FULL ARTICLE PLEASE CLICK HERE.
This is for your kind information.
Thanking you,
With regards,
For Silvassa Industries & Manufacturers Association,
Narendra Trivedi,
Secretary
