New Delhi: Expressing concerns over the dip in third quarter GDP figures, India Inc on Wednesday said the country's economic growth rate may even fall below the projected 6.9 per cent in 2011-12.
"Real GDP growth rate for the third quarter of 2011-12 at 6.1 per cent, may drive GDP growth to below 6.9 per cent for current fiscal," Ficci Secretary General Rajiv Kumar said.
CII said that the data indicates a bleak investment outlook.
"The data indicates further deceleration in the economy. Gross fixed capital formation continues to shrink, indicating a bleak investment outlook," CII added.
In the wake of this, all the chambers urged the government to take some major steps to restore the investor's sentiment and bring back investment on the growth trajectory.
"We want investment-led growth for which prevailing high interest rates need to be brought down. The government should relax the monetary policy so that fresh investments pour in," Assocham said.
The government should nudge entrepreneurs to invest more by unveiling investor friendly policies, PHDCCI said adding these policies should include incentives for infrastructure and employment intensive sectors of the economy.
The government has lowered its GDP forecast for 2011-12 to 6.9 per cent mainly due to sharp slowdown in manufacturing, agriculture and mining sectors.