Industrial growth declining in country: Arun Jaitley

Amritsar: BJP leader Arun Jaitley on Thursday said the country was not in a position to compete in the international market in view of declining industrial growth and enhanced production cost.

"The way industrial growth has been declining in the last few years and cost of production has been enhanced, India is not in the position to compete in international manufacturing arena," he said here. If the things keep on moving in this way, soon the country will become a country of traders, selling products imported from other countries, Jaitley, who is BJP candidate for Amritsar Lok Sabha seat, said. Addressing a meeting of industrialists, he said if BJP was voted to power, necessary steps like lowering of interest rates for finance, better road and other infrastructure,speedy clearances for export-related documents and reasonable taxation system will be taken. Besides, efforts will be made to reduce the cost of manufacturing so that the country can compete in international arena, he said. To boost economic activities in Amritsar, he stressed on more cross border trade with Pakistan and said this will make the city a trade hub and encourage investment sentiments in this border district. Responding to demands of local industrialists, he said excise limit will be extended from Rs 1.5 crore to Rs 5 crore which will boost small scale industries.