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Moderate improvement in Q1 growth trends: CII-ASCON survey
New Delhi, Aug 12 (IANS) The Indian economy witnessed a moderate improvement in growth trends in terms of production during the first quarter ending June over the corresponding quarter a year ago, industry chamber CII said on Sunday citing its joint survey conducted with ASCON.
The Confederation of Indian Industry (CII)-ASCON survey tracking the performance of 70 sectors in the April-June quarter said domestic demand and investment will be supported by better consumption patterns due to the favourable monsoon, moderation in inflation and the onset of the festive season, a statement said.
“The ASCON Q1 FY19 Survey results reflect steady progress in economic growth. What is especially significant is that there has been a perceptible increase in the share of sectors recording higher growth,” CII Director General Chandrajit said.
Fewer sectors are anticipating negative growth trends, which clearly points towards improvement in the economic environment, he said.
The survey classifies growth trends across four broad categories – Excellent (over 20 per cent), High (10-20 per cent), Moderate (0-10 per cent) and Low (below 0 per cent), the statement said.
“While the growth trends remain concentrated in the ‘moderate’ category, a deceleration in the pace of de-growth suggests firming of the recovery in the economy,” it said.
The survey showed a sharp increase in the sectors witnessing ‘excellent’ growth during April-June 2018, over the same period a year ago, with the share of such sectors improving to 14.3 per cent in the first quarter, from 5.7 per cent earlier.
The share of sectors recording ‘high’ and ‘moderate‘ growth improved marginally during the quarter in review, while the share of sectors witnessing ‘low’ growth (below) has come down substantially.
While the share of sectors registering ‘high’ growth improved to 21.4 per cent in the first quarter, from 20 per cent last year, sectors witnessing ‘moderate’ (0-10 per cent) growth improved to 44.3 per cent from 42.9 per cent earlier.
The share of sectors witnessing ‘low’ growth has come down substantially to 20 per cent as compared to 31.4 per cent recorded earlier.
Sectors which have registered excellent growth include commercial vehicles, three wheelers, construction equipment machinery, soya oil, tractors and sugar.
On the concerns of industry revealed by the survey, ‘Competition from Imports’ (50 per cent), ‘Regulatory Burden’ (42 per cent) and ‘Lack of required infrastructure’ (41.7 per cent) figure as the three most important issues.
A majority of 63.6 per cent of the respondents expect the business situation in their respective sectors to improve moderately whereas 31 per cent expect the situation to remain same in the next six months.
“The current expectations on the investment outlook for the next two months also point towards an impending recovery in investment cycle supported by improving capacity utilization levels amidst domestic demand recovery.
“Further, a continuous push for structural reforms such as GST, PSU bank recapitalization and time-bound insolvency resolution would also support the recovery,” the survey said.
As many as 59.1 per cent of the respondents reported capacity utilisation in the range of 65-80 per cent during the quarter, whereas 13.6 per cent reported capacity utilisation to be above 80 per cent.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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