Century Direct Group reports that Indian markets seem to have slowed down considerably since last year.
According to a report obtained by Century Direct Group, Indian markets have dropped from a 13.9% growth as of last year, to 6.3 over the past fiscal year.
India is not currently expected to lower interest rates and the limping industry will cut considerably into any corporate profits.
India had introduced a new system to better evaluate its market called “index of industrial production (IIP)”.
In it older more obsolete items were removed from the market calculations and newer more progressive elements were introduced to better gauge the productivity of the market.
Items such as older computer peripherals, video cassettes and a 150 or so other items were removed to allow for a more accurate gauge of Indian productivity.
The results were troubling for many economists.
Century Direct Group has also learned that Finance Minister Pranab Mukherjee, has said that, ‘meeting the budgeted tax revenue targets will be a challenge.”