If government data is an indicator, we are in for a major slow down of the economy. Jobs are down, Agriculture & Rural incomes are in a mess and industrial output growth is just above the zero mark. It is a real challenge specially for the MSME to survive and keep their heads above the water. Expect the challenges to persist for the 2nd & 3rd Quarters of the current calendar year.
Cyclone Feni created havoc in Orissa, Andhra & West Bengal. Though the efforts of the disaster management teams and their quick response to restoration should be applauded. Advance evacuation of nearly 1.5 million people saved a lot of lives. We should come forward to help out the efforts of authorities and fellow citizens.
World politics is keeping the oil prices higher than expected and the American decision on sanctions on Iranian oil is exerting pressure on the Indian retail prices of fossil fuel. As soon as the elections are over the burden of the increase in crude will be passed on to the Indian consumer.
Sluggish demand for raw materials is currently keeping the prices of the same in check. Industrial paint segment is witnessing demand slow down, and piling inventories. We hope once the elections are over and the government is formed, economy will again get the much needed stimulus for growth.
Some of our fraternity units have experienced accidents in the last month. We hope for the revival of these units at the earliest. We need to work on minimum acceptable safety standards for the industry. To appraise our members about the required safety standards we are organizing special sessions on these issues at our next Biennial Conference 2019 at Chandigarh.
IPCA Biennial Conference - Sharing Solutions “Knowledge is the only form of capital that expands when you share it”
President - IPCA