PM urged to lift hurdles to projects

New Delhi: Corporate India

on Monday urged Prime Minister Manmohan Singh to ensure that all internal and external hurdles affecting large projects and the

investment climate are removed to achieve a high

growth trajectory.

New Delhi, July 29: New investments in the country’s manufacturing sector are virtually on hold, with half of the companies indicating that they have no plans for major investments in the fiscal year 2013- 14, says a survey.

According to a survey jointly conducted by PwC and Ficci titled – “India Manufacturing Barometer”, sluggish economic growth and deceleration in production have made manufacturing companies tread cautiously. “In an environment of sluggish economic growth, it is not surprising that the mood exhibited by companies is cautious,” PwC India leader industrial products Bimal Tanna said.

The manufacturing sector, however, is using this period to realign the business models and prepare for the future, he added. The survey said that companies appear confident about their own prospects for growth and expect profit margins to improve.

Firms believe that the market may have bottomed out and more than 50 per cent expect their own revenues to grow at higher than 10 per cent over the next year.