New Delhi: Reeling under the deteriorating economic conditions, the India Inc has lambasted the government for the mess. Taking a dig at the ruling dispensation for failure of curbing soaring prices, corporate world urged the government to give fillip to sluggish economy and cut interest rates.

Confederation of Indian Industry (CII) Director General Chandrajit Banerjee said, “Every sector of the economy has been devoid of new investments and if the situation persists, the economy would slump into deep crisis.”

The Centre has taken some important decisions for the economic reform and the pace must be maintained to boost the economy, he added.

Assocham Secretary General DS Rawat has demanded that the Reserve Bank of India must reduce the interest rates soon as timely implementation of new manufacturing policy can help in attaining the economic growth rate of 7.5 percent in fiscal 2011-12.

However, FICCI General Secretary Rajiv Kumar has anticipated that the situation is not likely to improve in the next fiscal. “There are firm indications that the economic growth will remain less than 7.3 percent in the current fiscal,” he said.