Economic gloom worrisome, SBI chief says

MUMBAI: Describing the continuing economic gloom, as reflected in the IIP data, as worrisome, State Bank of India Chairman PratipChaudhuri today said it is time policy makers “wake up” to take urgent corrective steps.

The chairman of the nation’s largest bank stressed the need to give more attention to the industrial sector, saying all major economies in the world have grown on the back of their manufacturing prowess.

“This (the slowdown in growth) is very worrisome … I think the industrial sector really needs attention and the IIP growth at 2 per cent for April, (while) we have been expressing satisfaction that GDP growth is at 5 per cent,” he told PTI in an interview.

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